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SoftBank mobile services disrupted ahead of bumper IPO, shares drop

Reuters  |  TOKYO 

By Sam Nussey

TOKYO (Reuters) - Group Corp's were disrupted in some parts of on Thursday, ahead of an initial public offering (IPO) of its domestic telecoms unit later this month that will potentially raise $21 billion.

Some customers at Japan's third-largest telco have been unable to make calls or use the internet in the hours following the onset of connection problems at 0439 GMT.

The network issues, which stemmed from problems at exchanges for high-speed wireless LTE network, are on the way to resolution, a told

has 40 million mobile users.

Shares of the group fell as much as 6 percent after of the disruption, pressured by a broader market sell-off following the arrest of the of The two companies have partnered on 5G trials.

Shares of SoftBank Group's telco unit, SoftBank Corp, are set to debut on the on Dec. 19. The group will set a final offering price on Dec. 10.

Strong saw SoftBank last week forgo a price range for the bumper IPO, setting a single indicative rate of 1,500 yen ($13.30).

Shares of the group closed down 5 percent, as the broader market skidded to a two-week low after arrested Huawei's at the request of the United States, threatening a new spike in Sino-U.S. tensions.

($1 = 112.8200 yen)

(Reporting by Sam Nussey, Chang-Ran Kim and Elaine Lies; Editing by Himani Sarkar)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, December 06 2018. 16:04 IST