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Rakuten began considering a potential U.S. listing of one of Japan’s largest credit card businesses last month, the sources said. The considerations are in the early stages, with other potential options including a stake sale to a strategic buyer, one of the sources said.

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The company’s considerations of a U.S. IPO had not been reported previously.

Rakuten did not respond to requests for comment.

For PayPay, institutional investors see a baseline valuation of 2 trillion yen, but expect the valuation could exceed 3 trillion yen in the IPO that could take place as early as December, Reuters reported this week.

CARDS CENTRAL TO RAKUTEN’S BUSINESS

Rakuten, which is led by founder and CEO Hiroshi Mikitani, shook up Japan’s finance sector by simplifying the process for applying for credit cards and making them available to a wider range of consumers.

Credit cards are an important part of a web of Rakuten businesses spanning online shopping, banking, travel and other services, with customers accruing loyalty reward points by making payments.

Rakuten also announced plans to list Rakuten Securities, but Mizuho injected funding by taking stakes in the brokerage and card businesses.

Rakuten Card has issued more than 30 million credit cards in Japan. Non-GAAP operating profit at the business grew 20% to 62 billion yen last year but fell 4.5% in the April-June quarter of this year compared to the same period a year earlier due to higher costs.

The IPO considerations come as companies around the world are looking to list in the U.S. as they seek higher valuations.

The U.S. IPO market has had its busiest quarter since the fourth quarter of 2021, with companies raising $24 billion through first-time share sales in the third quarter, according to Dealogic.

($1 = 152.0900 yen)

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London – October 14th, 2025:
Tech Mahindra
(NSE: TECHM), a leading global provider of technology consulting and digital
solutions to enterprises across industries announced the audited consolidated
financial results for the quarter ended September 30, 2025.

Financial highlights for the quarter (USD)

Financial highlights for the quarter (₹)

Other Highlights

Mohit Joshi, CEO and Managing Director, Tech Mahindra, said,

“We delivered broad-based growth this quarter, reflecting the strength of
our strategy and execution. We launched TechM Orion, our next-generation AI
platform, and TechM Orion Marketplace to help enterprise accelerate
autonomous transformation. Being recognized by industry analysts reinforces
our leadership in advancing next-generation AI.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said,

“We delivered broad-based growth this quarter, reflecting the strength of
our strategy and execution. We launched TechM Orion, our next-generation AI
platform, and TechM Orion Marketplace to help enterprise accelerate
autonomous transformation. Being recognized by industry analysts reinforces
our leadership in advancing next-generation AI.”

Key Deal Wins

Business Highlights

Awards and Recognitions

Analyst Ratings & Recognitions

Consolidated Financial Statement for the quarter ended September 30, 2025
drawn under Ind AS

About Tech Mahindra

Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions
to global enterprises across industries, enabling transformative scale at
unparalleled speed. With 152,000+ professionals across 90+ countries helping
1100+ clients, Tech Mahindra provides a full spectrum of services including
consulting, information technology, enterprise applications, business process
services, engineering services, network services, customer experience &
design, AI & analytics, and cloud & infrastructure services. It is the
first Indian company in the world to have been awarded the Sustainable Markets
Initiative’s Terra Carta Seal, which recognizes global companies that are
actively leading the charge to create a climate and nature-positive future.
Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the
largest and most admired multinational federation of companies. For more
information on how TechM can partner with you to meet your Scale at Speed™
imperatives, please visit
https://www.techmahindra.com

For Further Queries:

India’s push to build more blast furnaces to meet its growing demand for steel raises a critical concern: It will result in increased imports of metallurgical coal. Industry leaders highlighted the risks of such import reliance at the Indian Steel Association’s Coking Coal Summit in September. 

India is currently dependent on imports for around 90% of its metallurgical coal needs, and in the first eight months of 2025, nearly half of it came from a single country—Australia.

Statements from Australian coal miners have indicated that the energy security risks for India are on the rise.

Australia is by far the world’s biggest exporter of metallurgical coal—which includes coking coal and pulverised coal injection, both used in blast furnaces—with most of its production based in Queensland. However, data analytics firm Wood Mackenzie, warns that Australia requires over 100 million tonnes per annum of new hard coking coal (HCC) mine capacity by 2050 to avoid a supply shortfall. 

A factor threatening to worsen this shortfall is Queensland’s contentious progressive royalty regime, introduced in 2022, under which royalty rates increase with the price of coal.

In recent weeks, major Australian met coal miners reported their financial results, taking the opportunity to highlight how Queensland’s royalty rates are deterring investment in new mine capacity. 

Long-term met coal investment in doubt

Two of Australia’s key suppliers to India—BHP and Whitehaven Coal—have been vocal in their criticism of Queensland’s royalty regime. 

BHP, the world’s largest mining company and Australia’s leading met coal exporter through its BHP-Mitsubishi Alliance (BMA) joint venture, is a critical supplier to Indian steelmakers. A previous company statement disclosed that 40% of the company’s met coal exports go to India.

On the royalty regime, BHP has made its position clear. In its latest company statement, CEO Mike Henry said BHP will “not invest any growth capital in Queensland, both for cost and risk”, adding that the royalty hike means the state is “no longer investible” for long-term projects. 

In its most recent Economic and Commodity Outlook, the company reinforced this position, noting that “new seaborne supply will increasingly be challenged as Queensland’s royalty and approvals environment remain unconducive to long-life capital investment”.

Paul Flynn, Whitehaven’s CEO, has voiced similar concerns, emphasising that Queensland’s royalty regime is already diverting capital into New South Wales (NSW). However, with production in NSW dominated by thermal coal, this shift risks restricting future investment in met coal capacity—a concern for India.

Another met coal producer in Australia, Peabody, also hit out at the royalty regime. In late August, its chief financial officer Mark Spurbeck said, “With some steelmaking coal producers in Queensland struggling and even failing at current prices, the royalty structure is out of touch with industry fundamentals.”

Meanwhile, the Queensland government has ruled out changes to the coal royalty scheme.

Solutions for India—beyond Australian coal

According to S&P Global, India received 54.5 Mt of coking coal in the January-August 2025 period. Of this, Australia supplied 26.4 Mt (49%), while Russia supplied 13.3 Mt (24%), the US 6.7 Mt (12%), and Mozambique 4.2 Mt (8%).