Rakuten Bank and its major shareholder valued shares at ¥1,400 each in Japan’s biggest IPO in five years, the top of a target range lowered earlier this month.
About 83.3 billion yen ($625 million) was raised in the sale of shares in billionaire Hiroshi Mikitani’s Rakuten Group banking unit, according to a statement Thursday. Even with the lower-than-expected price, the listing is the largest in Japan since SoftBank’s $20 billion-plus IPO in December 2018.
The offering comes amid high volatility for bank stocks worldwide following the failure of several US lenders and the turmoil at Credit Suisse. It also follows the IPO of fellow online lender SBI Sumishin Net Bank, which is up 38% since its Tokyo debut last month.
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