The Tokyo Stock Exchange approved a listing of Rakuten Bank, with the IPO scheduled for 21 April estimated to generate up to JPY116.6 billion ($880.5 million) for parent Rakuten Group.

In a statement, Rakuten Group set the price range at JPY1,630 to JPY1,960 per share, with 59.5 million to be listed including an over-allotment option of 4.5 million. Its ownership in the bank will drop from 100 per cent to 63.3 per cent after the IPO.

The banking unit is part of Rakuten Group’s fintech division, which includes its credit card, brokerage, payments and life insurance businesses.

In May 2022, the e-commerce giant revealed it was preparing to list Rakuten Securities.

Rakuten noted synergies within its businesses “contribute to efficient acquisition of new customers and customer retention,” which should contribute to maximising the corporate value of the banking unit and group.