Goodpatch, the Japan-based design technology developer backed by corporates Blue Rose, Digital Garage, Finc, Mitsui Sumitomo Insurance and Salesforce, has received approval to float on the Tokyo Stock Exchange (TSE).
The initial public offering (IPO) is set to take place on TSE’s Mothers Market on June 30 and is expected to consist of approximately 309,000 shares, with some 99,000 shares reserved for the greenshoe option. Daiwa Securities is the lead underwriter for the IPO and is joined by SBI Securities.
The price range for the listing will be set on June 11, with the bookbuilding period slated to take place between June 15 and 19 with pricing due on June 22. The Bridge estimates the shares will be priced at ¥610 ($5.66) each, valuing Goodpatch at $38.8m.
Founded in 2011, Goodpatch provides user interface and experience design software products including prototyping tool Prott and Athena cARVR, a mixed reality technology for use in connected automotive systems.
The company most recently raised $3.6m in series C funding from Mitsui Sumitomo Insurance Venture Capital (MSIVC) and SBI Investment, respective subsidiaries of insurance provider Mitsui Sumitomo and financial services firm SBI Holdings, in 2017.
SBI Investment had backed a $3.5m round for the company in 2016 with dietary advice service Finc and DG Incubation, Salesforce Ventures and SMBC Venture Capital, respective subsidiaries of internet company Digital Garage, enterprise software provider Salesforce and financial services firm Sumitomo Mitsui Banking Corporation. DG Incubation had also taken part in a $1m round in 2013.
Goodpatch founder and CEO Naofumi Tsuchiya holds the largest stake in the company, owning 46.4%, followed by Digital Garage’s DG Lab and DG Ventures units (11.6% each) and talent management agency Blue Rose (9%).
SBI Investment holds just over 9% between its FinTech Business Innovation and Venture Companies Growth Support funds. Salesforce Ventures has a 3.4% stake, venture capital firm MSIVC 2.88% and SMBC Venture Capital 1.8%.
