Sony Financial Group shares opened 37% above the reference price in their Tokyo debut Monday after Sony spun off and listed the company in a move to focus on its entertainment and image sensor businesses.
The reference price for Sony ’s financial unit was set at ¥150 last week, which would translate into a market capitalization of about ¥1 trillion ($6.7 billion). The shares opened at ¥205 and rose as much as ¥210 on their first day of trading at the Tokyo Stock Exchange.
The debut by the insurance and banking operator is the first direct listing in Japan in more than two decades, and is seen as a test of how companies can improve valuations through spinoffs and listing businesses.
