India’s hot market for share sales is delivering wins for Japanese technology investor SoftBank Group, whose own stock has taken a hit from disappointing earnings and a reality check on artificial intelligence.
Three firms backed by SoftBank have made solid Mumbai debuts in the past week. Shares in e-scooter manufacturer Ola Electric Mobility, the biggest of the initial public offerings (IPOs), have surged 75%. Software-maker Unicommerce eSolutions' shares also gained about 75%, while baby-products retailer Brainbees Solutions' are up more than 40%.
Further successful IPOs may add funds for Chief Executive Masayoshi Son’s planned large-scale push into AI and semiconductors. The company has built an enormous cash pile, while the value of its assets has soared along with the share price of its chip affiliate Arm Holdings.