Mubasher: SoftBank’s 2.65 trillion Japanese yen (JPY) ($23.5 billion) initial public offering (IPO) for its telecom division was completely subscribed, a news report said on Thursday.

The underwriters managed to cover their full book by Wednesday, owing to a strong demand from Japanese retail investors and foreign buyers, Bloomberg reported, citing sources familiar with the matter.

It is worth noting that SoftBank’s telecommunications division is a cash-generating business, which provides wireless, broadband and fixed-line services to 34 million mobile subscribers.

The stock was likely to be pushed above the initial price of JPY 1,500 per share when trading starts on 19 December, as brokers are receiving more orders from individual investors, the sources said.

Goldman Sachs, Deutsche Bank and JPMorgan Chase were among the joint global coordinators.

SoftBank is expected to announce the final offering next Monday.