By Jason Chau
Japanese lender SBI Shinsei Bank has made a successful comeback to Tokyo's stock market in one of the country's biggest offerings this year.
The initial public offering raised $2.4 billion, including overallotments, after pricing its shares at 1,450 yen each, at the upper end of the indicative range.
The bank's shares surged as much as 16% on Wednesday, giving it a market value of $9.18 billion. The stock closed at Y1,623, up 12% from its offering price.
That marks a return to the public markets for the Tokyo-based bank, which has gone through various corporate transformations.
Founded in 1952 as Long-Term Credit Bank of Japan, it spent nearly three decades as a publicly traded stock before delisting in 1998 when it was nationalized during the country's banking crisis.
In 2000, the bank changed its name to Shinsei and resumed operations as a private entity. Four years later, it relisted on the Tokyo Stock Exchange. Then it was taken over by Japanese financial conglomerate SBI Holdings in 2021, and delisted again two years later.
This time, the lender has returned to the public markets with a list of heavyweight backers including Japan's Norinchukin Bank, global asset manager M&G Investments and U.S. private-equity giant KKR.
It has also forged an alliance with KKR to explore alternative investments and to target turning SBI Shinsei into Japan's fourth "megabank" earlier this month.
The offering adds to Japan's fundraising boom, part of a broader trend across Asia this year. Business sentiment in Japan has remained resilient as corporate governance reforms bear fruit, spurring more share buybacks and pushing the benchmark Nikkei Stock Average to record highs.
In an exchange filing, SBI Shinsei said it was seeking to diversify fundraising options via the relisting after repaying all the public funds it received.
SBI Shinsei expects to benefit from the normalization of Japan's interest-rate environment, which it said has created more earnings opportunities in the banking sector.
Inflation, pro-growth fiscal tailwinds and accelerating corporate governance reforms are reshaping the Japanese market, Jefferies strategist Shrikant Kale said in a recent note.
Write to Jason Chau at jason.chau@wsj.com
(END) Dow Jones Newswires
December 17, 2025 03:34 ET (08:34 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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