Japan’s Rakuten Bank will be listed on the Tokyo Stock Exchange on 21 April which will place its value at approximately 305 billion yen (US$2.31 billion), according to a Reuters report.

Rakuten is looking to is looking to sell off 53.95 million existing shares of its digital banking arm which makes up more than 30% of its share holdings for 106.8 billion yen (US$807 million). The regulatory filings also indicated that Rakuten Bank plans to issue 5.55 million new shares.

This paves the way for it to potentially become one of Japan’s largest listings in the past five years following the US$23 billion listing of SoftBank Group Corp’s telecom unit in 2018.

The initial public offering will present a major cash injection for Rakuten which had been weighed down by the losses from its mobile phone business.

Rakuten Bank had clocked more than 13 million users at the end of 2022 and is reportedly one of the largest digital bank in Japan.