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Japan's Rakuten eyes USD807m IPO

Rakuten Group's plan to list its banking arm in an IPO that is expected to raise USD807m, and will value Rakuten Bank at approximately JPY305bn. The IPO will provide a significant cash injection for Rakuten, which has been grappling with years of losses stemming from the expenses of expanding its mobile phone business, despite having fast-growing fintech units and a mainstay e-commerce platform. Japanese banks have so far managed to avoid major setbacks and are generally believed to be able to withstand economic turbulence. Rakuten Group intends to sell 53.95 million existing shares of Rakuten Bank to both domestic and foreign investors, with Rakuten Bank also issuing 5.55 million new shares. The offering will also include a greenshoe option of 4.46 million shares.

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