Sony raises $2.8 billion in insurance IPO

Japanese electronics firm Sony has successfully raised $2.8 billion through the initial public offering of its insurance unit.

Next-Gen reports that Sony sold 800,000 shares of Sony Financial Holdings for $3,465 each. The firm hopes to raise $121 million from the sale by the end of its financial year next March.

The site claims that the money raised from the share sale will be used to boost the firm’s consumer electronics division, and will be used to boost the production of its Bravia LCD TV range and inject some more cash into its PlayStation division.