Rakuten Bank and its main shareholder priced shares at ¥1,400 each in Japan’s largest initial public offering in five years, marking the top of a target range that had been lowered earlier this month.
About ¥83.3 billion ($625 million) was raised in the sale of shares in the banking unit of billionaire Hiroshi Mikitani’s Rakuten Group, according to a statement on Thursday. Even with the lower than originally expected price, the listing is the largest in Japan since the $20 billion-plus IPO of SoftBank in December 2018.
The offering comes amid high volatility for banking stocks globally, after the failures of several U.S. lenders and turmoil at Credit Suisse. It also comes on the heels of the IPO of fellow online lender SBI Sumishin Net Bank, which has risen 38% since its debut in Tokyo last month.