TOKYO (Reuters) - SoftBank Group Corp (9984.T) is making arrangements to list its mobile unit on Dec. 19 on the Tokyo Stock Exchange, capital markets newswire DealWatch reported on Wednesday.
The approval from the exchange for the potential 2 trillion yen ($17.57 billion) listing is likely to come on Nov. 5, the day SoftBank is scheduled to announce its second-quarter results, DealWatch reported citing multiple unnamed sources.
The listing, which could be Japan’s biggest ever, will mark the transformation of SoftBank and its almost $100 billion Vision Fund into one of the world’s largest technology investors as well as free up more cash for investments ranging from ride-sharing to solar energy.
A SoftBank spokesman declined to comment.
SoftBank hopes the spin-off will allow investors seeking stability to invest in the domestically focused mobile unit, while giving growth-focused investors in the parent company exposure to CEO Executive Masayoshi Son’s vision of an artificial-intelligence driven future.
The majority of investors in the mobile unit are likely to come from inside Japan, DealWatch reported.
Reporting by Sam Nussey; Editing by Gopakumar Warrier and Himani Sarkar