Japan-based SoftBank was tipped to be on the brink of receiving approval from the Tokyo Stock Exchange (TSE) to list its mobile unit, Nikkei Asian Review reported.
The newspaper said clearance is expected to be granted on 12 November, setting the company up to conduct the IPO as early as 19 December.
Last month SoftBank reportedly appointed three banks to lead the listing, which is expected to bring in between $20 billion and $25 billion. SoftBank said in February the IPO would offer separation from its other investment activities, while the cash will be used to strengthen its balance sheet and aid group growth.
The company applied for the IPO with TSE in July.
While Japan’s government is pushing the country’s three mobile players to reduce tariffs, TSE believes earnings at SoftBank’s mobile unit won’t be significantly affected, Nikkei Asian Review said.
The company’s Japan consumer mobile business booked a 1 per cent year-on-year decline in revenue to JPY803 billion ($7.1 billion) in the first half of its fiscal year ending 30 September, though this was in part due to the implementation of new accounting standards.Subscribe to our daily newsletter Back