Rakuten Bank Plans $867M Initial Public Offering
Published: March 22, 2023 at 3:33 a.m. ET
By Kosaku Narioka
Rakuten Bank Ltd. said Wednesday that its stock is expected to be listed on the Tokyo Stock Exchange on April 21.
The banking unit of Rakuten Group Inc. said it plans to sell 5.6 million new shares in Japan and that the parent would offer 54.0 million outstanding shares in the domestic and overseas markets. The bank may sell…
By Kosaku Narioka
Rakuten Bank Ltd. said Wednesday that its stock is expected to be listed on the Tokyo Stock Exchange on April 21.
The banking unit of Rakuten Group Inc. said it plans to sell 5.6 million new shares in Japan and that the parent would offer 54.0 million outstanding shares in the domestic and overseas markets. The bank may sell an additional 4.5 million shares depending on demand, it said.
Rakuten Bank said it hoped to expand its loan businesses and its products portfolio by bolstering the capital base.
The bank said it expects the offering price to be somewhere between 1,630 yen and Y1,960 per share and that the price would be determined on April 13.
The total value of shares to be offered would be as much as Y114.83 billion ($866.7 million), based on the mid-point of the company’s offering price projection.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
