Key Facts
• SBI Shinsei Bank plans to apply for Tokyo Stock Exchange IPO in July 2025.
• Target valuation: approximately $10 billion (¥1.5 trillion).
• IPO could be Japan’s largest in 2025, surpassing JX Metals’ March IPO.
• Joint Global Coordinators include Nomura Securities and Goldman Sachs.
• SBI Holdings raised ¥290 billion in May 2025 to repay ¥230 billion public funds.
• Bank’s history: Nationalized in 1998, re-listed in 2004, delisted in 2023.
• SBI Shinsei Bank became an SBI Holdings subsidiary in 2021.
• Public fund repayment completion is a prerequisite for the IPO.
• SBI Holdings and involved securities firms declined to comment.
• Market conditions will influence final IPO details and offering size.
Summary
SBI Shinsei Bank, a subsidiary of SBI Holdings, is preparing to file for an initial public offering (IPO) on the Tokyo Stock Exchange in July 2025. The bank aims for a valuation of approximately ¥1.5 trillion ($10 billion), potentially making it the largest IPO in Japan this year. The bank’s IPO plans follow its repayment of ¥230 billion in public funds, supported by SBI Holdings’ ¥290 billion capital raise in May 2025. Nomura Securities and Goldman Sachs have been selected as Joint Global Coordinators, with other securities firms also participating. Originally nationalized in 1998 and re-listed in 2004, the bank was delisted in 2023 after becoming an SBI Holdings subsidiary in 2021. Final IPO details, including offering size, will depend on market conditions. SBI Holdings and other involved parties have not provided further comments.
