Jun. 26--TOKYO -- Daiwa Securities Group Inc. said Friday it will raise about 240 billion yen in its first public offering in two decades to bolster its financial standing as it aims to expand its operations in high-growth Asian and emerging countries.

Despite sinking into the red for the business year that ended in March, Japan's second-largest brokerage will carry out its biggest fundraising measure on the back of recent improvements in market conditions.

The move comes after a string of public offerings by other financial institutions hit hard by the global financial turmoil, including Nomura Holdings Inc. and Sumitomo Mitsui Financial Group Inc.

Daiwa said it will issue about 302 million new shares in Japan and overseas, focusing on Europe, to mainly individual investors and to some institutional investors. It will also sell nearly 58 million of its own shares. The steps will both be taken during July.

The brokerage also plans to additionally issue about 42 million new shares through a third-party allotment in August.

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