Phil Elliott
10:19 (BST)
01/10/2007
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Sony Financial IPO raises £1.35 billion
Shares for Sony Corporation's subsidiary, Sony Financial Holdings Inc, went on sale in Japan today, with a total of 800,000 shares traded at a price of JPY 400,000 (GBP 1692, USD 3462) each.
That's the top line in a possible range, the lowest price of which was JPY 380,000 (GBP 1608, USD 3289) each, demonstrating demand for what was on its announcement initially received with limited interest.
Following a pre-offering cut from JPY 415,000 (GBP 1756, USD 3592) the shares raised JPY 320 billion (GBP 1.35 billion, USD 2.77 billion) with the proceeds thought to be heading towards the corporation's electronics division
Specifically that means a boost for the manufacture of Bravia televisions, and help for the PlayStation department as well - a move which was previously thought to have been indicative of an impending price cut for the PlayStation 3.
However, no such news was forthcoming at Sony's price-related announcement event, the Tokyo Games Show.
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