Exclusive-SBI Shinsei Bank preparing to relist by year-end, sources say
TOKYO :SBI Shinsei Bank, a unit of SBI Holdings, plans to file as early as next month for a relisting on the Tokyo Stock Exchange, two people familiar with the matter said.
The bank, which aims to go public again by the end of the year, would follow a series of sizeable listings in Japan over the past year as companies look to capitalise on market momentum that has seen the Nikkei share average trade near record highs.
Relisting the mid-sized lender has been a target for Yoshitaka Kitao, the CEO of SBI, a financial conglomerate whose businesses span banking, asset management, technology and cryptocurrency.
SBI took SBI Shinsei private in 2023 after making it a subsidiary two years earlier.
SBI Holdings said it has maintained for some time it is considering listing SBI Shinsei Bank and that the July filing and year-end listing are not something it is aware of.
The people did not wish to be identified as the information is not public. SBI Shinsei Bank did not respond to a request for comment.
SBI Shinsei is aiming for a valuation of around 1.5 trillion yen ($10.46 billion), one of the people said, around double the current value of JX Advanced Metals, which listed in March.
The final figure will depend on market conditions, and the offering size is yet to be finalised, the person added.
SBI group companies are expected to offload some of their stake in SBI Shinsei Bank in the float, one of the people said.
SBI Holdings' shares jumped by more than 3 per cent on Friday to 4,473 yen following news of the listing plan. In comparison, the Nikkei was down 1.25 per cent.
The bank tapped Nomura Securities and Goldman Sachs this month as joint global coordinators for the listing, and several other underwriters have been selected to join the group, the sources said.
Nomura and Goldman Sachs declined to comment.
SBI Shinsei's predecessor bank went bankrupt during the 1990s banking crisis and was later sold to private equity investors, including JC Flowers & Co and Ripplewood.
It went public in 2004, generating huge gains and making it the first Japanese lender to be owned by foreign investors.
Yet the bank was never able to repay the billions it still owes Japanese taxpayers after its bail-out, something that has long rankled in Japan.
Last month, SBI Holdings raised approximately 290 billion yen by issuing new shares to NTT and selling its stake in SBI Sumishin Net Bank to NTT Docomo.
The proceeds of that are intended to repay the roughly 230 billion yen in public funds injected into Shinsei Bank.
The repayment of the public funds is expected to be completed before the relisting, one of the people said.
($1 = 143.4700 yen)
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