Shares of Rakuten Bank Ltd surged by more than a third in their market debut on Friday, after the internet bank raised $625 million in Japan's largest initial public offering (IPO) in more than four years.
The logo of Rakuten is pictured at the headquarters of Rakuten in Tokyo, Japan, May 15, 2019. REUTERS/Sam Nusseysurged by more than a third in their market debut on Friday, after the internet bank raised $625 million in Japan's largest initial public offering in more than four years.
Shares were fetching 1,914 yen in Tokyo after spending the first hour of the morning session untraded due to a glut of buy orders. The shares climbed as high as 1,937 yen, a 38% premium to the downsized IPO price of 1,400 yen. Japan's largest internet bank by number of accounts priced the IPO at the top of its downsized range this month, raising around 83.3 billion yen , excluding a "greenshoe" option of additional shares.
It had originally indicated a range of up to 1,960 yen a share for the IPO but later cut that by almost 30%.
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