Rakuten Group on Tuesday applied to list its securities unit in Tokyo as the Japanese e-commerce giant looks to generate cash after a costly build-out of its mobile network.
The group has suffered four years of losses as its mobile business has haemorrhaged cash and struggled to take market share from established players.
The listing application follows the listing of Rakuten Bank, the group’s online banking arm, in April, which was Japan’s largest IPO since 2018.
Rakuten will require approval from the Tokyo Stock Exchange before it can set a listing date for its securities unit.
In June, Rakuten’s share price dropped below 500 yen, a level last seen in 2009.
Reuters