Sony to raise cash in IPO

September 4th, 2007, 21:08 Posted By: Shrygue

via Games Industry

Sony will sell around 34.5 per cent of its Financial Holdings company, raising around JPY 332 billion (USD 2.9 billion) in the process.

According to a report on Bloomberg, the proceeds could then be used to fund the production of more consumer electronics goods, such as Bravia televisions, as well as enabling a cash injection to the PlayStation division.

Mizuho Investors Securities analyst Mitsuhiro Osawa believes the move could also see its way directly to consumers: "A cut in the price of the PlayStation 3 is one option."

Pricing for the stock will be set on October 1, with trading commencing on the Tokyo Stock Exchange on October 11.

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