TOKYO:  Japan’s asset management fintech firm WealthNavi Inc has applied to list its shares on the Tokyo Stock Exchange, with approval and an initial public offering (IPO) expected later this year, the Nikkei reported on Sunday.

The listing of the company that provides a fully automatic asset management service using financial engineering to retail investors will mark Japan’s first IPO of a fintech firm in asset management and likely be one of the biggest IPOs in the country this year, the business daily said.

The corporate value is estimated at 50-60 billion yen ($470-570 million) and SBI Securities and Daiwa Securities will be lead managers, it said.

In September, Kioxia Holdings Corp, the world’s second-largest maker of flash memory chips, previously known as Toshiba Memory, shelved plans for what would have been Japan’s largest IPO this year, as U.S-China tensions cloud the global chip market. 

Reuters