Akatsuki, a Japan-based mobile game developer backed by education company Globis and network services provider Link and Motivation was approved for an initial public offering on Friday, The Bridge has reported.
Akatsuki will issue 2.2 million shares with another 495,000 reserved for an over-allotment option according to a regulatory filing, though the shares have not yet been priced. Nomura Securities is set to lead the underwriters.
Founded in 2010, Akatsuki develops social games for use on mobile devices. It recorded a profit of approximately $12.3m from revenue of $34m in the last fiscal quarter.
Globis and Link and Motivation provided $14m in funding for the company in 2014. Globis subsidiary Globis Capital Partners holds a 4.5% stake in Akatsuki while its Globis Fund unit owns 2.7%. Link and Motivation holds a 4% share.
Akatsuki’s biggest shareholders are its chief executive, Genki Shiota, who owns a 40% share, and chief operating officer Tetsuro Koda, who holds 19.5%.