Sony Raises 2.8 Billion USD in Insurance Unit's IPO

October 1st, 2007, 19:52 Posted By: wraggster

Sony Corp., the world's second-biggest maker of consumer electronics, raised 320 billion yen ($2.8 billion) in its insurance unit's initial public offering, Japan's biggest this year.

A total of 800,000 Sony Financial Holdings Inc. shares were sold at 400,000 yen each, Tokyo-based Sony said today.

Sony sold the shares at the top end of its range, spurring demand by reducing the price from an original reference level of 415,000 yen, after losses in the U.S. subprime-mortgage market triggered a global rout in stocks. Proceeds from the share sale of Sony Financial, the biggest profit contributor after consumer electronics, will help Sony increase production of Bravia televisions and fund the money-losing PlayStation unit.

http://www.bloomberg.com/apps/news?p...d=abF2G2SpwxWA

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