SoftBank Said to Mull IPO of 100 Billion Vision Fund

SoftBank Said to Mull IPO of $100 Billion Vision Fund

Japan’s SoftBank Group is Contemplating an initial public offering of its $100 billion (roughly Rs. 6,91,800 lakh crores) Vision Fund, a source familiar with the Issue said on Friday.

The fund was set up in 2017 and has become the world’s largest technology investment fund. Its branches include ride-hailing pioneer Uber, chip designer ARM and shared workspace firm WeWork.

The business has openly stated it plans to set up a second investment fund. The senior banking source said SoftBank was talking to banks about helping it increase money, confirming a previous report in the Wall Street Journal.

SoftBank has spoken to half a dozen banks throughout the previous month about a potential listing of the Vision Fund but has yet to begin a formal process, the source said, adding he wasn’t expecting such a process in the near term.

“They requested banks queries on how they can do it. It is still very much in exploration mode,” the source said, adding that SoftBank was potentially given the idea by fellow tech investor Naspers, which intends to record some of its assets.

“The huge difference is that the largest advantage in the Naspers portfolio is Tencent, which is recorded, whereas the portfolio of this Vision Fund is private,” the source said.

China’s Tencent Holdings is a social networking and gambling company listed in Hong Kong.

A spokesman for SoftBank declined to comment when contacted by Reuters.

SoftBank is also in talks with Oman for an investment in the fund, which has increased almost all its funds so far from Saudi Arabia and Abu Dhabi, according to the WSJ report.

SoftBank is trying to raise new funds for”informal deals” chief executive officer Masayoshi Sonnegotiated in China for Vision Fund, among those folks told WSJ.

The finance is also likely to double its employees over the next 18 months to keep up with the pace of agreement making by SoftBank, the company’s top deputies reportedly stated at a seminar in Los Angeles this week.