Logly, a Japan-based online advertising platform backed by advertising technology provider Voyage Group, will float on June 20 after the Tokyo Stock Exchange approved its application, The Bridge reported yesterday.
The company will list on the TSE Mothers Market, though it has not yet priced its shares or revealed the size of the offering. SMBC Nikko Securities is lead underwriter for the initial public offering.
Founded in 2006, Logly provides online advertising services through products such as Logly Lift, which allows clients to place adverts on partner media sites, Newzia Connect, which matches adverts to content, and Loyalfarm, which helps media sites engage with users.
Logly raised $1.2m from investors including CA Mobile, an advertising subsidiary of internet company CyberAgent, and Voyage Ventures, the corporate venturing unit of Voyage Group, in 2013, according to The Bridge.
Mizuho Capital and SMBC Venture Capital, respective investment divisions of financial services firms Mizuho Bank and Sumitomo Mitsui Banking Corporation, also took part in that round. Voyage Ventures invested a further $2.9m in Logly in 2015.
Voyage Group owns approximately 15.3% of Logly while subsidiary Voyage Ventures holds another 5.2%. Other notable shareholders are media company IT Media (5.4%), CA Mobile (5.2%), Logly CEO Hirokazu Yoshinaga (30.8%) and company director Masahisa Kishimoto (18%).