TOKYO (Reuters) -Shares in Sony Financial were untraded with a glut of buy orders in Tokyo on Monday after the business was spun-off from entertainment and technology conglomerate Sony.
Sony distributed shares in its finance arm, which includes banking and insurance, to shareholders through dividends in kind as it focuses on entertainment.
It is the first partial spin-off in Japan taking advantage of a 2023 tax change and the first direct listing in more than two decades.
The reference price was 150 yen ($1.00). In a direct listing, a company lists on the stock market without a traditional initial public offering.
Sony Financial has said will buy back up to 100 billion yen of its shares.
Sony aims to expand its presence in entertainment, spanning from games to movies and music, and maintain its position as the leading manufacturer of image sensors.
($1 = 149.2700 yen)
(Reporting by Sam Nussey; Editing by Christian Schmollinger)
