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SoftBank's bullish IPO backfires as bad news saps momentum

Shares of mobile unit fall 15% with Huawei and price war dampening outlook

Ken Miyauchi, president and CEO of SoftBank's mobile unit, speaks during a news conference in Tokyo on Dec. 19. (Photo by Toshiki Sasazu)

TOKYO -- The CEO of SoftBank Group's Japanese mobile unit on Wednesday acknowledged the "challenging conditions" facing the company after its shares fell nearly 15% on their first day of trading, leaving retail investors nursing losses.

Japanese investors flocked to buy into the world's largest IPO this year and the second biggest in history, which raised 2.6 trillion yen ($23 billion) for the group. Roughly 90% of the shares were allocated to domestic investors, the majority of which were sold to individuals.

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