Creema, a Japan-based handicraft e-commerce platform operator backed by multiple corporates, has filed to list on Tokyo Stock Exchange (TSE).
The company will be listed on TSE’s Mothers Market on November 27 and is set to issue 113,000 shares, with just over 167,000 shares reserved for the over-allotment option.
The initial public offering (IPO)’s price range will be determined on November 9, before bookbuilding between November 11 and 17 and pricing on November 18. The Bridge estimates the shares will be priced at ¥3,250 ($31) each, which would value the company at more than $189m.
Creema was founded in 2009 and runs an online marketplace with about 200,000 professional and semi-professional artisans, who have jointly sold more than 10 million handmade products through the platform.
The company most recently closed a $10m round in June 2019 featuring telecommunications firm KDDI, postal service Japan Post, internet company Mixi, property developer Mitsui Fudosan and financial services firms Sumitomo Mitsui Banking Corporation and SBI.
The corporates invested through KDDI Open Innovation Fund, Japan Post Capital, i-Mercury Capital, 31Ventures, SMBC Venture Partners and SBI Investment respectively, and were joined by venture capital firm Global Brain and Mamoru Nanamura.
KDDI Open Innovation Fund, SMBC Venture Partners and Global Brain had already taken part in another $10m round for Creema in 2016 with Globis Capital Partners, a subsidiary of education services firm Globis. It came two years after $1m in funding from KDDI Open Innovation Fund.
SBI securities will lead underwriting on the IPO and will be joined by Ace Securities, Daiwa Securities, IwaiCosmo Securities, Marusan Securities, Mito Securities, Mizuho Securities, Okasan Securities and SMBC Nikko Securities.