Kayac, a Japan-based developer of smartphone apps and video games, has been admitted to the Tokyo Stock Exchange Mothers Market and will float on December 25, according to Japanese news site Bridge.
Launched in 1998, Kayac’s corporate backers include fashion e-commerce company Start Today and CyberAgent, an online advertising agency. The two, together with venture capital firm Globis Capital Partners, hold a combined stake of about 10% in Kayac after collaborating on a $4m investment in 2011.
Kayac’s three co-founders, Masanori Kaihata, Daisuke Yanasawa, and Tomoyoshi Cuba, jointly retain a 88% share of the company. Nomura Securities is acting as underwriter for the initial public offering.
Kayac had a net profit of about ¥31m ($262,000) for 2013 from revenues of ¥2.8bn.