Rakuten Bank surges in debut after raising US$625mil in Japan's biggest IPO in years

The logo of Rakuten is pictured at the headquarters of Rakuten in Tokyo, Japan, May 15, 2019. REUTERS/Sam Nussey

TOKYO: 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.

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.