Softbank shares down as mobile unit makes Tokyo debut

The mobile phone unit of Japanese tech giant Softbank had a disappointing debut on the Tokyo stock market on Wednesday, according to BBC.

The firm raised as much as 2.6 trillion yen ($23bn; £18bn) by selling shares at 1,500 yen each in one of the world's largest ever stock offerings.

But by the close of trade in Tokyo, shares were down 14.5 per cent from the price set for its initial public offering.

Analysts said the disappointing debut was not entirely unexpected.

"Softbank wasn't as popular an (initial public offering) as the market had expected," Singapore-based market expert David Kuo told the news agency.

"It was oversubscribed, but not as much as hoped."

Investors may have been wary over a number of developments in Softbank's business.