The IPO of Sony Financial Holdings Inc., which operates Sony Bank as well as Sony's insurance operations, had been highly anticipated as part of the consumer-electronics giant's efforts to focus on its core business. Sony Financial accounted for 9% of Sony's total revenue in the fiscal year ended in March.
A Sony Corps spokesperson said the company wouldn't comment on Sony Financial's share sale until Oct. 11 as the IPO involves offering shares in overseas markets, including the U.S. Sony won't comment on the effect on its earnings outlook from selling the unit's shares until then, he said.