Socionext Inc. (TSE:6526) shares were indicated sharply lower July 6, 2023 morning following news that the Japanese chip designer plans to offer 12.6 million shares held by its biggest shareholders to investors abroad. Socionext said after the market closed July 5, 2023 that both government-owned Development Bank of Japan and Fujitsu Limited (TSE:6702) planned to divest their 15% stakes and that Panasonic Holdings Corporation (TSE:6752) intended to unload its 7.5% stake. The semiconductor design company said that by offering shares to institutional investors overseas it could broaden its investor base, improve liquidity and avoid the negative impact on its share price that could have been caused by stake sales in the market.

The company said the offering price would be decided sometime between July 11 and July 13.