KONTAN.CO.ID - TOKYO. Japan's Rakuten Group Inc said it was planning an initial public offering (IPO) of its banking arm next month, in a probable $807 million listing that would test demand for the e-commerce giant's online lender amid market uncertainty. The listing, which was first reported by Reuters on Wednesday, will represent a hefty cash boost for Rakuten, which boasts fast-growing fintech units as well as its mainstay e-commerce platform but has struggled with years of losses from the cost of building out its mobile phone business. While global bank shares have been whipsawed in recent weeks following the collapse of a number of U.S. regional lenders and the turmoil at Credit Suisse, Japanese banks have so far avoided disastrous hits and are seen as broadly being able to weather the storm.
Japan's Rakuten Plans to List Banking Unit in US$ 800 Million IPO
KONTAN.CO.ID - TOKYO. Japan's Rakuten Group Inc said it was planning an initial public offering (IPO) of its banking arm next month, in a probable $807 million listing that would test demand for the e-commerce giant's online lender amid market uncertainty. The listing, which was first reported by Reuters on Wednesday, will represent a hefty cash boost for Rakuten, which boasts fast-growing fintech units as well as its mainstay e-commerce platform but has struggled with years of losses from the cost of building out its mobile phone business. While global bank shares have been whipsawed in recent weeks following the collapse of a number of U.S. regional lenders and the turmoil at Credit Suisse, Japanese banks have so far avoided disastrous hits and are seen as broadly being able to weather the storm.