NAME: Rakuten Bank’s IPO on the Tokyo Stock Exchange

LAW FIRMS: Anderson Mori & Tomotsune, Nishimura & Asahi, Simpson Thacher & Bartlett, Sullivan & Cromwell


PRACTICE AREAS: Capital markets

INDUSTRY SECTORS: Banking and Financial Services, Technology and telecommunications


Rakuten Bank’s $881 million IPO on the Tokyo Stock Exchange is our deal of the month for May.

Nishimura & Asahi together with Sullivan & Cromwell have advised Rakuten Bank, Japan’s largest digital lender by assets and largest bank by number of accounts, on its $881 million IPO on the Tokyo Stock Exchange. The internet bank’s shares rose 38% in its debut on April 21, making it the largest IPO in Japan in four years.

Rakuten Bank, originally a subsidiary of technology conglomerate Rakuten Group, is a virtual bank with over 14 million accounts and 9 trillion yen in deposits. The bank is expected to have a higher growth rate and return on equity than other traditional Japanese banks. Its successful IPO is indicative of a trend within the country to shift to internet banking and cashless payments.

The Nishimura & Asahi team was led by partners Kohei Koikawa, Kentaro Sugimoto and Tatsuya Tanigawa. Anderson Mori & Tomotsune and Simpson Thacher & Bartlett represented the underwriters, with the Anderson Mori team being led by partners Kagayaki Funakoshi and Shintaro Takeoka.