From Gina Lee
Investing.com – Shares in Japanese conglomerate Softbank (OTC 🙂 Group Corp. (T 🙂 rose to a two-decade high on Tuesday as investors digested the record profits reported by their Vision Fund unit the day before.
Softbank stock was up 3.27% to JPY 9.795 ($ 92.91) by 11:59 p.m. (3:59 p.m. GMT). They had risen to JPY 10,000 apiece at the start of the session.
The company announced on Monday that the value of its portfolio has risen again after the initial public offering of startups like Opendoor. Other large portfolio companies preparing to take advantage of record-breaking capital raising and listing on the market are hail-fighting firms Didi and Grab.
Softbank “effectively owns the most lucrative portfolio amid an ongoing retail IPO frenzy,” Jefferies (NYSE 🙂 analyst Atul Goyal said in a note.
In the foamy markets, the value of SoftBank’s assets, or “golden eggs” as they were called by Chief Executive Officer Masayoshi Son, rose by $ 21 billion to $ 221 billion in the six months to the end of December.
“The explosion in market liquidity over the past nine to ten months has played a huge role, and we believe SoftBank’s success is closely related to future US technology trading,” said Kirk Boodry, analyst at Redex Research, in a Note.
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