SoftBank's Masayoshi Son is raising $21 bn in IPO to fund tech deals

The IPO price range will be set on Nov. 30, followed by the final price on Dec. 10.

SoftBank Group Corp. founder Masayoshi Son is seeking to raise 2.4 trillion yen ($21.1 billion) in an initial public offering of his Japanese telecom business that could be the country’s largest IPO yet.

The Japanese technology giant said in a prospectus Monday it will sell 1.6 billion shares at 1,500 yen apiece in a new entity, SoftBank Corp., that will start trading on Dec. 19. At that price, the IPO would surpass the offering of former national carrier Nippon Telegraph & Telephone Corp. in 1987.

Son is listing the company’s cash cow as he transforms SoftBank from a telecom operator