The diving debut of Masayoshi Son's big initial public offering is more than an embarrassment for a boastful billionaire. It is a bit of an indictment of the Tokyo financial market and, especially, of some bankers' readiness to promote overpriced stock to investors, including retail savers.
SoftBank's 15% fall on Dec. 19, the first day of trading, was no aberration. Collectively, the aftermarket loss of Japanese companies holding initial public offerings this year is about 10%, says Dealogic.
