Sony insurance unit seeks international IPO

In a major test for the Japanese equity market, Sony Financial, the 100% owned subsidiary of electronics giant Sony Corporation, is planning to raise around $3 billion in an initial public offering next month.

The deal, which will see Sony sell up to 40% of the business, has been marketed as the parent selling a non-core insurance business to re-invest in its core activities of entertainment and electronics.

The deal is being launched against a backdrop of political turmoil and economic gloom, with the Japanese economy reported to have contracted by 1.2% in the three ...