Nishimura & Asahi and Sullivan & Cromwell are advising Rakuten Bank on its planned 106.8-billion-yen ($807 million) initial public offering on the Tokyo Stock Exchange’s prime market, with Simpson Thacher & Bartlett and Anderson Mori & Tomostune acting for the underwriters.

If successful, the Rakuten Bank listing will be Japan’s biggest IPO since the $23 billion listing of SoftBank Group’s telecom unit SoftBank Corp in December 2018, Reuters reported.

Rakuten Bank is Japan's largest Internet bank by number of accounts, with more than 13 million at the end of last year. It will be a test of market demand after the collapse of a number of U.S. regional lenders and the turmoil at Credit Suisse, Reuters added.

The Anderson Mori team is being led by partners Kagayaki Funakoshi and Shintaro Takeoka.