TMCnet News
Softbank estimates 500 bil. yen windfall from Alibaba listing(Japan Economic Newswire Via Acquire Media NewsEdge) Softbank Corp. said Saturday it estimates its profit at about 500 billion yen ($4.6 billion) from the listing of Chinese e-commerce giant Alibaba Group Holding Ltd. on Friday in New York. Softbank, the biggest shareholder in Alibaba with a 32 percent stake, will book the profit for the first-half of the current business year through next March, the Internet and telecommunications group said in a statement. The company is expected to continue to hold the shares. Alibaba debuted on the New York Stock Exchange in the biggest initial public offering in U.S. history, rising 38 percent from its $68 initial public offer price to close at $93.89, valuing the company at over $230 billion. Softbank said it will announce the specific amount of the windfall after it is verified. The gain followed Alibaba's issuance of new shares and conversion of convertible shares into ordinary stock in connection with the listing, Softbank said. (c) 2014 Kyodo News |