Japan¡¯s most popular taxi-hailing app provider Go priced its initial public offering at the upper end of the marketed range, showing investor appetite for Japan¡¯s biggest listing so far this year.
Shareholders in the Goldman Sachs Group-backed firm sold shares at ?2,400 apiece, according to a regulatory filing on Monday, raising ?88.6 billion ($553 million) for a market value of ?186 billion. Go had sought a range of ?2,350 to ?2,400. It¡¯s set to start trading on June 16.
A successful listing may offer a much-needed tailwind for the nation¡¯s quiet IPO market. Proceeds this year have dropped to ?54 billion, excluding Go IPO, the least in four years, according to data. There have been only 15 listings, the fewest since 2011.
Go manages the most widely-used taxi booking app in Japan. Its competitors include Uber Technologies, China-based Didi Global and local provider S.Ride, in which Sony Group has invested.
Goldman invested ?10 billion in 2023 in a deal valuing Go at ?135 billion. Global investors such as BlackRock, Wellington Management and M&G Investment Management have expressed interest to buy shares.
Nomura Holdings, Goldman and Bank of America are the joint global coordinators of the offering.
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