Japan's SoftBank has set an indicative price for the upcoming IPO of its domestic telecoms business that would make it Japan's largest ever public listing, worth 2.4 trillion yen ($21.13 billion).
The company has foregone the usual practice of setting a price range for the IPO, instead setting a single indicative price of 1,500 yen per share.
The move represents a show of confidence that the IPO will be oversubscribed at the price due to strong demand from retail investors.
SoftBank plans to use the proceeds from the IPO to pay down debt and contribute to the growth of SoftBank founder, CEO and top shareholder Masayoshi Son's Vision Fund, which plans to invest hundreds of billions of dollars in startups from emerging technology areas.
The final price for the IPO will be set next monday, and the new shares will begin trading the following Wednesday.
If the 1,500 yen share price holds, SoftBank's domestic telecoms business would have a total market value of around 7.2 trillion yen, making it one of Japan's top 10 listed companies.