TL;DRGo Inc. starts trading on the Tokyo Stock Exchange after raising ¥88.6 billion ($553M) in Japan’s largest IPO this year.
Go Inc., Japan’s most widely used taxi-hailing app, begins trading on the Tokyo Stock Exchange on Tuesday after raising ¥88.6 billion ($553 million) in the country’s largest initial public offering this year. The offering was more than 25 times oversubscribed. Investors valued the company at ¥186 billion.
The IPO priced at ¥2,400 per share, the top of the marketed range of ¥2,350 to ¥2,400. International investors were allocated 70 per cent of the offering, with local retail investors receiving 25 per cent and domestic institutions getting 5 per cent. More than 180 entities expressed interest in the international portion alone, making that tranche roughly 20 times oversubscribed.
BlackRock, Wellington Management, and M&G Investment Management have all committed to buy shares, according to the company’s English prospectus. Goldman Sachs, which invested ¥10 billion in Go in 2023 at a ¥135 billion valuation, is one of the offering’s joint global coordinators alongside Nomura Holdings and Bank of America.
The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!Go operates Japan’s dominant taxi booking platform, competing with Uber, China-based Didi Global, and S.Ride, a local rival in which Sony Group has invested. The company estimates revenue of ¥40.8 billion for the fiscal year ending May 31, up about 30 per cent from the previous year. Operating profit is expected to more than double, reaching ¥7 billion from ¥2.7 billion.
