SoftBank Corp shares fall sharply again, recover, after record IPO

SoftBank Corp. President and CEO Ken Miyauchi poses for a photograph as he holds an IPO certificate with Tokyo Stock Exchange director and executive officer Yasuyuki Konuma during a ceremony to mark the company’s debut on the Tokyo Stock Exchange in Tokyo, Japan December 19, 2018. REUTERS/Issei Kato

TOKYO (Reuters) – SoftBank Corp (9434.T) shares fell as much as 8 percent early on Thursday but recovered almost all of its losses, following the telco’s 15 percent tumble on debut the previous day.

The unit of tech investment giant SoftBank Group Corp (9984.T) had raised 2.65 trillion yen ($23.55 billion) at 1,500 yen per share in Japan’s biggest ever IPO. The slide has inflicted big losses on the retail investors who had mostly bought into the household name.

SoftBank Corp shares fell to a low of 1,176 yen before recovering to 1,279 yen, down 0.2 percent. Parent SoftBank Group Corp’s shares were down 1.3 percent.

Reporting by Sam Nussey; Editing by Muralikumar Anantharaman

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