informa
/
1 MIN READ
News

Sony Raises $2.8 Billion In Insurance IPO

Sony has raised 320 billion yen ($2.8 billion) in its insurance unit's initial public offering, which saw 800,000 shares sold at 400,000 yen ($3,452) apiece, yielding proceeds which the company says it will use in part to cushion the struggling PlayStatio
Bloomberg is reporting that Sony raised 320 billion yen ($2.8 billion) in its insurance unit's initial public offering, which saw a total of 800,000 Sony Financial Holdings shares sold at 400,000 yen ($3,452) each, marking the biggest IPO in Japan since November 2006. Sony anticipates a 14 billion yen ($121 million) gain from the sale in the year ending March 2008. Proceeds of the sale will help Sony increase productions of Bravia televisions, as well as help to staunch the bleeding from its PlayStation unit. The company also sold 725,000 of its own shares, or a 34.5 percent stake. Depending on demand, the parent company may sell up to 70,000 more shares, Sony Financial said. "The price is acceptable considering it was set when the stock market hadn't fully recovered from the subprime shock," Masaki Iso, who oversees about $7.3 billion as head of Japanese equities at Yasuda Asset Management in Tokyo, told Bloomberg. "Sony Financial's stock has potential to rise as the market will recover."

Latest Jobs

Treyarch

Playa Vista, Los Angeles, CA, USA
2.03.23
Senior Physics Gameplay Engineer - Treyarch

High Moon Studios

Carlsbad, CA, USA
2.03.23
VFX Artist - High Moon Studios

Anne Arundel Community College

Arnold, MD, USA
1.30.23
Instructor/Assistant Professor, Game Art

Treyarch Vancouver

Vancouver, BC, Canada
2.02.23
Producer - Treyarch Vancouver
More Jobs   

CONNECT WITH US

Explore the
Subscribe to
Follow us

Game Developer Job Board

Game Developer Newsletter

@gamedevdotcom

Explore the

Game Developer Job Board

Browse open positions across the game industry or recruit new talent for your studio

Browse
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more