Reuters reports that Rakuten’s listing on the market drove its share price up by 40% on Friday, signalling robust demand for the country’s biggest online lender.
The stock ended the trading day at 1,930 yen ($14.41) on the Tokyo Stock Exchange.
Rakuten spent the first hour of its debut not trading its stock due to a flood of buy orders. Its stock price later rose to 1,965 yen ($14,67), which exceeded the highest proposed IPO price before the deal was scaled back.
The company company announced its initial public offering (IPO) in March, valued at $880m.
“Through a listing, Rakuten Bank aims to implement growth strategies with a more autonomous management perspective and to enable various growth and financial strategies, including its own fundraising,” the e-commerce firm said in a statement back then.
The Japanese bank later shed more than $200m in its initial public offering. However, even following the resize, Rakuten’s IPO remained Japan’s biggest in over four years despite recent turmoil in the US banking sector and following its exposure to money-losing e-commerce parent Rakuten Group Inc.
Friday’s closing price left Rakuten valued at around 328bn yen ($2.48bn).