Tokyo — SoftBank has won approval to conduct a ¥2.4-trillion initial public offering (IPO) of its domestic telecoms business, in a deal that will seal the group’s transformation into a top global technology investor. The IPO will be one of the biggest ever worldwide, and will provide the group with funds to pay down debt and continue placing big bets on innovations that CEO Masayoshi Son predicts will drive future tech trends. SoftBank’s bets so far have been as varied as small gaming startups, ride-hailing firms such as Uber Technologies, and e-commerce behemoth Alibaba. SoftBank aims to raise ¥2.4-trillion through the sale of 1.6-billion SoftBank shares at a tentative price of ¥1,500 each, showed a filing with the finance ministry on Monday. The amount could rise by ¥240.6bn if demand triggers an over-allotment, taking the total closer to the $25bn that Alibaba raised in 2014 in the biggest-ever IPO. The final IPO price will be determined on December 10, and SoftBank will list on ...

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