Japanese bank SBI Sumishin Net Bank postpones $1.2 billion IPO

TOKYO, March 7 (Reuters) – Japan’s SBI Sumishin Net Bank Ltd (7163.T) said on Monday it would postpone a planned $1.2 billion initial public offering (IPO) scheduled for this month due the market slowdown caused by the war in Ukraine.

SBI Sumishin Net Bank, equally owned by SBI Holdings Inc (8473.T) and Sumitomo Mitsui Trust Bank (8309.T), would have been the first online bank to go public in Japan.

Globally, several companies have put their IPO plans on hold due to the market impact of events in Ukraine. Read more

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The SBI Sumishin deal had been set for March 24 and its total value is expected to be around 132 billion yen ($1.2 billion), with the bank expected to raise around 10 billion yen, according to filings.

The bulk of the sale was expected to come from the sale shares of SBI Holdings and Sumitomo Mitsui Trust Bank.

SBI Sumishin, along with SBI Holdings and Sumitomo Mitsui Trust Bank, said in a joint statement that listing procedures would be determined based on an assessment of market movements and other factors.

Japan’s TOPIX index (.TOPX), Tokyo’s broadest measure of stock performance, is down about 10% year-to-date, reflecting widespread uncertainty gripping global markets following the Russian invasion, which Moscow describes as a special operation.

Shares of SBI Holdings closed down 2.3% in Tokyo while Sumitomo Mitsui Trust Bank fell 1.8%. The TOPIX index fell 2.8%.

($1 = 114.8400 yen)

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Reporting by Miho Uranaka Editing by Chang-Ran Kim, David Dolan, Shri Navaratnam and John Stonestreet

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