Chatwork, a Japan-based enterprise chat tool provider backed by internet company GMO, received approval yesterday for an initial public offering on the Tokyo Stock Exchange.
The company will list on the TSE Mothers Market on September 24 after issuing 600,000 shares, with up to 1.27 million additional shares reserved for the over-allotment option. It expects to set a price range on August 29 and a final share price on September 6.
Chatwork has built a secure group video and messaging app for enterprise clients, with features including task management and file sharing. It has more than 2.7 million users, about 360,000 of which pay for the premium version. The company is also the local reseller for antivirus software produced by Slovakia-based cybersecurity company Eset.
GMO’s corporate venturing arm, GMO Venture Partners, provided $2.5m in funding for Chatwork in 2015 and returned for a $12.5m series B round the following year that included Shinsei Corporate Investment and SMBC Venture Capital, respective subsidiaries of financial services firms Shinsei and Sumitomo Mitsui Banking Corporation, as well as venture capital firm Jafco.
GMO Venture Partners owns a 6% stake in Chatwork while Jafco holds 10.1%. An entity known as EC Studio Holdings owns a 67.4% stake in the business – Chatwork having originally been known as EC Studio.
Daiwa Securities is the lead underwriter for the proposed offering. The other underwriters are Mizuho Securities, SMBC Seiko Securities, SBI Securities, Monex Securities, Rakuten Securities and Matsui Securities.
