Rakuten Subsidiary Applies for Listing on Tokyo Stock Exchange
TOKYO (Reuters) – Rakuten Securities Holdings (HD), a subsidiary of the Rakuten Group, has officially applied for a new listing on the Tokyo Stock Exchange. This move comes as part of Rakuten G’s ongoing efforts to strengthen its financial position. Previously, Rakuten Bank went public in April, successfully raising capital.
Rakuten Securities HD will oversee the securities-related service business of three prominent companies: Rakuten Securities, Rakuten Investment Management, and Rakuten Wallet, a crypto asset trading service. With over 9 million securities accounts by the end of April, the subsidiary’s growth potential is evident.
Explaining the rationale behind the listing application, Rakuten Securities HD stated, “By adopting a growth strategy supported by autonomous management, we expect to expand in multiple areas, including fundraising initiatives.” However, it is essential to note that the Tokyo Stock Exchange is yet to conduct its audit, and no guarantees have been made regarding the timing or approval of the listing.
Rakuten G has reported a consolidated net loss for the fourth consecutive quarter attributed to substantial investments in the mobile phone business. However, the recent listing of Rakuten Bank in April provided a much-needed boost, raising a staggering 71.7 billion yen. In May, the company made public its intention to conduct a public offering totaling approximately 300 billion yen.
On July 4, the Rakuten Group announced that its consolidated subsidiary Rakuten Securities Holdings (HD) applied for a new listing on the Tokyo Stock Exchange on the same day. The picture is the Rakuten logo. The photo was taken in Tokyo in May 2019. (Reuters/Sam Nussey)
TOKYO (Reuters) – Rakuten Securities Holdings (HD), a subsidiary of Rakuten Group, said on Thursday it has applied for a new listing on the Tokyo Stock Exchange. Rakuten G, which remains in the red, is working to strengthen its financial base, and in April raised money by listing Rakuten Bank.
Rakuten Securities HD will oversee the securities-related service business of three companies: Rakuten Securities, Rakuten Investment Management, and Rakuten Wallet, a crypto asset trading service. The number of securities accounts exceeded 9 million at the end of April.
Rakuten Securities HD explained the purpose of listing, saying, “By implementing a growth strategy with an autonomous management perspective, we believe we will be able to grow in various ways, including our own fundraising.” The TSE audit is yet to come, and he has said that “nothing has been promised” as to whether or not the company will be listed or when it will be listed.
Rakuten G posted a consolidated net loss for the fourth consecutive quarter due to heavy investment in the mobile phone business. In April, it raised 71.7 billion yen on Rakuten Bank’s list. In May, the company decided to make a public offering of around 300 billion yen.
#Rakuten #securities #umbrella #apply #listed #Tokyo #Stock #Exchange #bank #April #Reuters