Sony Financial shares jumped as much as 40% in their first day of trading on Monday, after the financial services arm was spun off from Sony Group (TYO:6758) and listed separately on the Tokyo Stock Exchange.
The business, which includes Sony’s insurance and banking operations, began trading under its own ticker following a partial spin-off approved by Sony, which distributed over 80% of Sony Financial’s shares to existing shareholders via dividends in kind.
Direct listing in Japan lets a company list shares without raising new capital through a traditional initial public offering (IPO), letting existing shareholders sell directly to the public.
Sony Financial shares opened at 205 yen on Monday and climbed to as high as 210 yen, 40% above the reference price of 150 yen.
Tokyo-listed shares of the parent company Sony traded largely unchanged on Monday.
Source :
https://www.investing.com/news/stock-market-news/sony-financial-shares-surge-40-in-trading-debut-after-spinoff-4259410
