Rakuten Group, a Tokyo-based technology conglomerate, plans to launch an initial public offering of its banking business, according to the report by Reuters earlier today citing people familiar with the matter.
Despite the ongoing crisis in the global banking system as the e-commerce giant sees sufficient demand in the market.
Not long after the report came out, the Tokyo Stock Exchange has approved the listing of Rakuten Bank Ltd this afternoon.
The banking business of Rakuten is a part of the Japanese conglomerate group; Rakuten Group, which has Rakuten Card Co., Ltd., Rakuten Securities Inc., Rakuten Wallet, Inc., Rakuten Life Insurance Co., Ltd., Rakuten General Insurance Co., Ltd. and Rakuten Payment, Inc. and Rakuten Edy, Inc. Co., Ltd. under its wing.
The listing date is scheduled for April 21, 2023 (Friday). From that date onwards, Rakuten Bank shares will be available for purchase and sale on this exchange.
