Japan’s Rakuten plans $800 mln listing of banking unit

TOKYO: Japan’s Rakuten Group Inc plans an initial public offering (IPO) of its banking arm next month, it said on Wednesday, which is set to be worth around $800 million and will be Tokyo’s biggest since 2018.

The listing, first reported by Reuters, will represent a hefty cash boost for Rakuten, an e-commerce giant that for years has struggled with losses from the costly build-out of its mobile phone business. It will also be a test of market demand.