Sony to raise cash in IPO

Sony will sell around 34.5 per cent of its Financial Holdings company, raising around JPY 332 billion (USD 2.9 billion) in the process.

According to a report on Bloomberg, the proceeds could then be used to fund the production of more consumer electronics goods, such as Bravia televisions, as well as enabling a cash injection to the PlayStation division.

Mizuho Investors Securities analyst Mitsuhiro Osawa believes the move could also see its way directly to consumers: "A cut in the price of the PlayStation 3 is one option."

Pricing for the stock will be set on October 1, with trading commencing on the Tokyo Stock Exchange on October 11.