Sony Financial Spinoff Reference Share Price Set at 150 Yen (1)

The reference price for Sony Group Corp.’sspinoff listing of its financial unit was set at ¥150 ($1) by underwriter Nomura Securities Co., as the entertainment and electronics company tightens its management focus.

That price for Sony Financial Group Inc.shares is used as reference by the Tokyo Stock Exchange for the indicative price before trading starts, according to the exchange. Unlike an initial public offering price, the reference figure isn’t a direct indicator of a company’s market capitalization, and the finance firm won’t issue new shares.

Sony Group plans to distribute more than 80% of the financial unit’s stocks ...