to a report this morning in the Nikkei business
daily, Japanese electronics major, Sony Corp is planning
an initial public offering its financial unit, Sony Financial
Holdings, to raise the equivalent of approximately $2.5
billion through a stock market listing in the second half
of this year.
IPO would be Japan''s biggest since last year''s $3.2 billion
flotation of Aozora Bank Ltd., which was itself the largest
in eight years, and likely rank as the top initial share
offering in 2007.
has already made a tentative application to the Tokyo
Stock Exchange, the Nikkei said.
report says Sony would sell at least 30 per cent of its
stake in Sony Financial Holdings and use the proceeds
amounting to around ¥300 billion to invest in strengthening
its key products including flat TVs, video cameras and
holding company, Sony Financial, which accounted for almost
one-third of Sony''s operating profits from April to December
2006, oversees the electronics giant''s online banking
and life insurance operations. According to the report,
the financial arm would have a market capitalisation of
at least ¥1 trillion, ranking it among the 10 Japanese
has invested aggressively in liquid crystal display (LCD)
technology to compete with the likes of Matsushita Electric
Industrial and Sharp Corp. in the flat TV market and is
now the world''s largest LCD TV player.
has also said it plans to start selling ultra-thin TVs
using organic light-emitting diode (OLED) technology this
2005 Howard Stringer, CEO, Sony, unveiled a plan to sell
off non-core assets and focus resources on electronics,
which accounts for about 70 per cent of the group''s sales.