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(Bloomberg) -- Rakuten Group Inc. said it no longer plans to list its securities arm on the Tokyo Stock Exchange, and will instead focus on deepening its partnership with Mizuho Securities Co.

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The Japanese e-commerce pioneer had planned an initial public offering for Rakuten Securities Holdings Inc., part of a push to shore up finances depleted by a foray into Japan’s hyper-competitive wireless carrier market. In late 2023, it temporarily withdrew that application, stating that it would reapply for a listing at a later date.

Mizuho to Lift Rakuten Securities Stake, Brokerage Pulls IPO

But in November, Rakuten reported its first quarterly operating profit since 2020 after losses in its mobile segment shrank. That segment is now profitable, discounting marketing costs to win new customers, Rakuten founder Hiroshi Mikitani told Bloomberg TV in a recent interview.

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