Tokyo Stock Exchange (TSE) has approved an initial public offering (IPO) proposal for Plaid, a Japan-based customer management platform developer backed by corporate investors Google, Mitsui and Mitsui Sumitomo Insurance.
The IPO will take place on TSE’s Mothers Market on December 17 and is set to involve approximately 1.5 million shares being issued, with almost 717,000 shares reserved for the greenshoe option.
The price range will be finalised on November 30, with bookbuilding to begin on December 1, leading up to pricing on December 4. The company’s valuation in the offering will be roughly $500m.
Founded in 2011, Plaid has developed a data analytics software tool called Karte which enables users to track website traffic and mobile app usage to create personalised communications and features. It had raised an undisclosed amount from internet technology provider Google in November 2019.
Diversified conglomerate Mitsui contributed to a $25m round for Plaid in 2018 with Mitsui Sumitomo Insurance Venture Capital, Eight Roads Ventures Japan, SMBC Venture Capital, Mizuho Capital and Mitsubishi UFJ Capital, on behalf of insurer Mitsui Sumitomo Insurance and financial services firms Fidelity, Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank and Mitsubishi UFJ Financial Group.
Venture capital firm Femto Partners filled out the round, which included an undisclosed amount of debt financing supplied by Mizuho Bank and SMBC. Eight Roads and Femto Partners had already provided $4m for the company in 2015, the latter having also participated in a $1.5m round the year before.
