Rakuten Group shares fell back on the 6th. The provisional conditions for the bank subsidiary’s initial public offering (IPO) announced the day before were 1,300 to 1,400 yen, regarding 30% lower than the initial estimate.
Rakuten G’s stock price temporarily fell 2.7% from the previous day to 608 yen in the morning. The rate of decline is the largest in regarding two weeks.
Securities registration statement disclosed by Rakuten Bank on the 5thCorrection notification formAccording to the company, if the public offering price is set at the upper limit, the market capitalization is expected to be regarding 238 billion yen.As of March 22, when the assumed provisional condition was 1,630 to 1,960 yen, it was regarding 333 billion yen. The public offering price will be decided on the 13th. The listing date is April 21st.
By lowering the provisional conditions, it is expected that Rakuten G’s procurement amount will be affected. The company announced its financial results for the previous fiscal year (ending December 2022) in February, with an operating loss of 363.9 billion yen, an 87% increase from 194.7 billion yen in the previous fiscal year, the largest deficit ever. The fact that the mobile business posted a loss of nearly 500 billion yen affected it.
Rakuten Bank’s IPO will take place in Japan and overseas, with Daiwa Securities Group Inc., Goldman Sachs Group Inc., Morgan Stanley and Mizuho Financial Group acting as global coordinators.
