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Investing.com -- Sony Group Corp. has established a reference price of ¥150 ($1) for the upcoming spinoff listing of its financial unit, Sony Financial Group Inc.
The price was set by underwriter Nomura Securities Co. as Sony tightens its management focus across its entertainment and electronics businesses.
According to the Tokyo Stock Exchange, this reference price will be used to determine a basis for the indicative price before trading begins.
Unlike an initial public offering price, this reference figure does not directly indicate the company’s market capitalization.
Sony Financial Group will not issue new shares as part of this listing process.
The financial unit is scheduled to make its debut on the Tokyo Stock Exchange’s Prime Market on Monday, September 29.
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