Jimoty, a Japan-based online classifieds portal backed by corporates including telecommunications firm NTT Docomo and advertising agency Opt, has been approved for a flotation in Tokyo, according to The Bridge.
The company expects to set the price range for the initial public offering on January 22, before pricing shares on January 29 ahead of a listing on February 7. It expects to list 1.27 million shares, almost all of which will be sold by existing shareholders, with just over 160,000 additional shares reserved for the greenshoe option.
Founded in 2011, Jimoty operates an online platform where users can buy and sell second-hand goods such as home appliances or cars, offer services such as language classes or home improvement, and rent or sell property and land.
The company was launched by venture capital firm Infinity Venture Partners (IVP) with an undisclosed amount of seed funding, before raising $2m from KDDI Open Innovation Fund, an investment arm of telecommunications firm KDDI, as well as diversified conglomerate Mitsubishi UFJ Capital and IVP in 2012.
Fuji Startup Ventures, the corporate venturing arm of media group Fuji Media, invested in Jimoty in 2013 but revealed last month that it had already exited the company.
Opt acquired a 45.4% stake in 2014, in return for an undisclosed amount of funding. NTT Docomo Ventures, the corporate venturing arm of NTT Docomo, injected a similarly undisclosed amount of capital in 2015, as did real estate services provider Lilfull, then known as Next Corporation, the following year.
Opt remains Jimoty’s single largest shareholder, with a 30.7% stake, while NTT Docomo owns 16.2% and PVC fitting covers manufacturer Proto Corporation 10.7%.
Japan Best Rescue System, which helps customers resolve daily life challenges such as lost keys and computer troubles, holds a 2.1% stake. Jimoty’s other notable investors include IVP (14.2%), VC firm Energy & Environment Investment (9.5%) and chief executive Takashiro Kato (8.7%).
Daiwa Securities is lead as underwriter for the IPO, which is set to take place on the TSE Mothers Market. Mizuho Securities, SBI Securities, Aizawa Securities, IwaiCosmo Securities, Matsui Securities and Ichiyoshi Securities are the other underwriters.
