Rakuten shares climb 2% on bank unit listing progress (updated)
05/07/2022 03:15
(Adds details about IPO pipeline, shares)
TOKYO, July 5 (Reuters) - Shares in Japan's Rakuten Group
Inc 4755.T climbed 2% on Tuesday, a day after the e-commerce
firm said it had applied to list its online banking unit on the
Tokyo Stock Exchange.
Rakuten announced plans for an initial public listing last
September as it grappled with the cost of building a mobile
network and competed with Amazon.com Inc AMZN.O . Its shares
last month hit their lowest level in more than a decade.
Rakuten, which has a market capitalization of $7.2 billion
after a 46% slide in its shares so far this year, offered no
guidance on the listing date.
The group is also planning to list its securities business
but faces volatile markets. The shares of peer Monex Group Inc
8698.T are down more than a third this year.
The benchmark Nikkei 225 index .N225 was up 1% in morning
trading.
($1 = 136.3300 yen)
(Reporting by Sam Nussey; Editing by Tom Hogue and Bradley
Perrett)
((sam.nussey@tr.com;))