Electronics giant Sony is set to sell 725,000 shares in an initial public offering of its insurance unit, Tokyo-based Sony Financial Holdings, reports Bloomberg.
The deal is likely to be Japan's biggest IPO this year, and trading will start on the Tokyo Stock Exchange on October 11. The stock is expected to raise approximately 332 billion yen ($2.86 billion) for the electronics manufacturer.
Analysts believe that the funds are likely to be siphoned to the consumer electronics and games divisions of the corporation, to make more Bravia TVs and to offset the losses being incurred by the PlayStation unit--and it may also be a sign that a further PS3 price cut will soon on the cards.
Mitsuhiro Osawa, analyst at Mizuho Investors Securities, said, "Sony could use the funds for various options to strengthen its electronics and game businesses. A cut in the price of the PlayStation 3 is one option." Osawa rates Sony "outperform," meaning that he thinks Sony shares will do better in the near future than the market overall.
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