“The question is what will the money be used for,” said Justin Tang, head of Asian research at United First Partners in Singapore. “It could just as likely be used for more buybacks or another wild acquisition.”
SoftBank plans to sell 223.5 million shares to overseas investors in Europe and Asia, excluding the US and Canada, with an extra allotment of 33.5 million shares. Domestic investors will get 670.5 million shares. The firm aims to hand over the shares between September 23 and September 25, or five business days after the pricing and other details are settled.
SoftBank Group shares have more than doubled from their lows in March to ¥6,397 a share, as the firm repurchased about ¥1 trillion worth of stock. Two more tranches totaling ¥1.5 trillion still remain, one running until March 31 next year and another until July 30.