SoftBank sells all shares for US$23bil telecom IPO

"The objective of the fund is to facilitate the continued acceleration of the AI revolution through investment in market-leading, tech-enabled growth companies," the Japanese tech conglomerate said in a statement, adding it was still talking to more potential investors and that the fund was expected to grow.

TOKYO: SoftBank Group Corp’s 2.65 trillion yen (US$23.5bil) initial public offering (IPO) for its telecom unit was fully-subscribed, including an extra allotment of shares, sources said.

The underwriters were able to cover their entire book by Wednesday, thanks to strong demand from retail investors in Japan and overseas buyers, said the sources.