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Rakuten Bank's Japan IPO seen delivering up to $2.5bn valuation

Group moves to shore up finances after heavy wireless network investments

Rakuten Bank is Japan's largest online bank in terms of account holders and deposit balance. (Photo by Toshiki Sasazu)

TOKYO -- Japan's Rakuten Bank will make an initial public offering on the Tokyo Stock Exchange on April 21, in a sale expected to give it a market capitalization of up to 333.2 billion yen ($2.52 billion) based on the estimated price range.

Billionaire Hiroshi Mikitani's Rakuten Group plans to sell 53.95 million of its shares in the online bank at listing, more than 30% of its holdings, fetching up to 105.7 billion yen. Rakuten Bank will issue 5.55 million new shares.

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