Rakuten Shares Climb 2% on Bank Unit Listing Progress


TOKYO (Reuters) -Shares in Japan’s Rakuten Group Inc climbed 2% on Tuesday, a day after the e-commerce agency mentioned it had utilized to record its on-line banking unit on the Tokyo Inventory Alternate.

Rakuten introduced plans for an preliminary public itemizing final September because it grappled with the price of constructing a cell community and competed with Amazon.com Inc. Its shares final month hit their lowest stage in additional than a decade.

Rakuten, which has a market capitalization of $7.2 billion after a 46% slide in its shares to this point this yr, provided no steering on the itemizing date.

The group can also be planning to record its securities enterprise however faces risky markets. The shares of peer Monex Group Inc are down greater than a 3rd this yr.

The benchmark Nikkei 225 index was up 1% in morning buying and selling.

(Reporting by Sam Nussey; Modifying by Tom Hogue and Bradley Perrett)

Copyright 2022 Thomson Reuters.

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