Sony Financial Soars in Tokyo Debut After Spinoff Listing (1)

Sony Financial Group Inc. surged in its Tokyo debut on Monday after Japan’s first direct listing in more than two decades, a rare test of how local companies can improve valuations by spinning off businesses.

Shares of the insurance and banking firm opened at ¥205 and rose as high as ¥210 before closing at ¥173.8 on their first day of trading. That values the Sony Group Corp. financial unit at ¥1.2 trillion ($8.1 billion). The reference price was set at ¥150 last week.

Sony Financial Group CEO Toshihide Endo during the listing ceremony at the Tokyo Stock Exchange on Sept. 29.

Photographer: Kiyoshi Ota/Bloomberg

The spinoff by Sony Group, which is sharpening its focus on its entertainment and image ...