Japan's SBI Sumishin Net Bank Ltd. said on Monday that it will postpone a planned $1.2 billion initial public offering (IPO) scheduled for this month due to the market downturn triggered by the war in Ukraine.

SBI Sumishin Net Bank, equally owned by SBI Holdings Inc and Sumitomo Mitsui Trust Bank, would have been the first online bank to go public in Japan.

Globally, several companies have put IPO plans on hold due to the market impact of events in Ukraine.

The SBI Shimishin deal had been set for March 24 and its total value was expected to be around ¥132 billion ($1.2 billion), with the bank seen raising around ¥10 billion, according to filings.

The bulk of the sale was to come from SBI Holdings and Sumitomo Mitsui Trust Bank selling shares.

SBI Sumishin, along with SBI Holdings and Sumitomo Mitsui Trust Bank, said in a joint statement that the listing procedures would be determined based on an assessment of market movements and other factors.

Japan's Topix index, the broadest measure of Tokyo stock performance, is down about 10% since the start of the year, reflecting the widespread uncertainty that has hit global markets following Russia's invasion, which Moscow describes as a special operation.

Shares of SBI Holdings closed down 2.3% in Tokyo while Sumitomo Mitsui Trust Bank declined 1.8%. The Topix index was down 2.8%.