Shares of SoftBank Corp — Japan's biggest-ever IPO and one of the world's largest — fell more than 14 percent on its market debut Wednesday, after opening 6.40 percent lower.
The company is the mobile unit of billionaire Masayoshi Son's SoftBank Group holding company, which includes U.S. telecoms company Sprint. The group also holds significant stakes in Yahoo Japan and Chinese e-commerce giant Alibaba Group.
SoftBank Corp raised 2.65 trillion yen ($23.5 billion) after pricing the offering at 1,500 yen a share and increased the amount of stock sold by 160 million shares in a response to strong demand, Reuters reported.
That makes it Japan's biggest IPO and just below Alibaba's record $25 billion listing on Wall Street in 2014, according to Reuters.
SoftBank shares closed at 1,282.00 yen, down 14.53 percent. Shares in SoftBank Group, meanwhile, finished the day down 0.91 percent at 8,184.00
SoftBank is Japan's third-largest mobile phone company after leaders NTT Docomo and KDDI, but concerns are rising over saturation in the market as online retailer Rakuten has also obtained a mobile license and is set to begin offering services in October of next year.