Softbank Group Stock News

SoftBank Group Corp (OTC: SFTBY ) (OTC: SFTBF ) and Alibaba Group Holding Ltd (NYSE: BABA ) backed Indian fintech giant Paytm lost more than 27% on its trading debut, TechCrunch reports . The 11-year-old company has sold itself as India''s equivalent to Chinese financial groups like Alibaba-backed Ant, with businesses in everything from mobile payments, insurance, bank deposits and remittances, and fantasy sports to gold trading, Financial Times reports . However, domestic institutions, … Full story available on Benzinga.com

India''s Biggest Ever Initial Public Offering Crashes 27% On IPO Day Just like the rest of global equity markets, 2021 has been a monumental year for Indian stocks and it culminated overnight with the nation''s biggest ever IPO, when One97 Communications Ltd, the entity that operates Indian digital payments platform Paytm, went public at a price of 2,150 rupees per share, the top of a marketed range. The digital payments company raised 183 billion rupees ($2.5 billion), India''s largest ever IPO when measured in local currency, surpassing Coal India''s in 2010. That IPO was worth 155 billion rupees ($3.48 billion), according to data from Refinitiv Alas, the party then quickly died when PayTM shares opened below the 2,150 rupees ($28.60) issue price, before closing down a whopping 27% at 1,564 rupees ($21). According to some analysts, the post-break flop reflects fears about Paytm''s business: the company, which is now worth almost $14 billion, lost hundreds of millions of dollars last year and seems far from ready to turn a profit.

TOKYO: Japanese shares reversed early gains on Wednesday as concerns over rising costs and a weaker yen outweighed gains made by technology heavyweights after a strong finish on Wall Street. The Nikkei share average fell 0.4% to 29,679.68 by 0201 GMT, while the broader Topix lost 0.55% to 2,039.51. Earlier in the session, the Nikkei had gained 0.3% and the Topix had risen 0.2%. Overnight, all the three major indexes on Wall Street closed higher on the back of upbeat retail sales data. Japanese shares rise on bargain hunt, cost worries hurt risk appetite "The yen''s weakness against the dollar is good for some companies but also a negative factor for others. Now, investors are focusing on the latter, especially because materials costs are rising," said Yutaka Miura, a senior technical analyst at Mizuho Securities. "But declines in Japanese shares are limited thanks to the solid performance of the US market." The dollar rose to a 16-month high overnight after data showed US consumers looked past rising prices and drove retail sales higher than expected last month.

We need to be faster due to competition, many investors can now put $100-300 million in India: SoftBanks Munish Varma