Rakuten Jumps on Report It’s Weighing US IPO of Credit Card Unit

Rakuten Jumps on Report It’s Weighing US IPO of Credit Card Unit

Rakuten Group Inc. shares rose as much as 6.7% on Wednesday, the most since April 10, after Reuters reported the Japanese e-commerce firm is considering listing its credit card business in the US.

Rakuten Considers US IPO for Credit Card Business

Rakuten is reportedly considering an American initial public offering (IPO) for its credit card business. The Japanese eCommerce/finance conglomerate began weighing the IPO last month, Reuters reported Wednesday (Oct. 15), citing two sources familiar with the matter. One of these sources says the company’s decision was sparked by rival SoftBank’s plan to list its payments app PayPay in the U.S. The news follows a report from earlier th…