Raksul, a Japan-based printing services provider backed by corporates including marketing firm Opt, will list on the Tokyo Stock Exchange after having its application approved on Friday, The Bridge reported.
The company will offer 2.5 million shares for public subscription, with another 1.64 million shares allocated to an overallotment option. Another 8.45 million shares will be issued, presumably by selling shareholders, according to financial data provider Minkabu.
Founded in 2009, Raksul operates an online marketplace for users to place printing orders with local facilities across Japan. It offers discounted rates to customers by allocating orders to printers when they would otherwise suffer downtime.
The company also offers an on-demand delivery service and a flyering service for small and medium-sized enterprises.
Raksul closed a $20.3m funding round in 2016 featuring Opt as well as internet company GMO’s corporate venturing arm, GMO Venture Partners, financial services group Fidelity, Global Brain, Global Catalyst Partners and the state-owned Development Bank of Japan.
Opt, GMO and Global Catalyst had already backed the company’s $33.7m series C round in 2015, which also included consulting firm Link and Motivation.
The series C also featured Dentsu Digital Holdings, Gree Ventures and Itochu Technology Ventures, respective subsidiaries of marketing firm Dentsu, digital media company Gree and conglomerate Itochu, as well as Anri and World Innovation Lab.
GMO, Itochu, Global Brain, stationery producer Plus and social media company Mixi injected $14.3m in Raksul in 2014, following earlier funding from Anri, YJ Capital and Nissay Capital, subsidiaries of internet company Yahoo Japan and insurer Nippon Life Insurance.
Opt currently owns a 17.8% stake in the company, with Development Bank of Japan holding 8.9% and Yasukane Matsumoto, chief executive of Raksul, owning 21.5%.
Daiwa Securities is lead underwriter for the offering, which is slated to take place on May 31, 2018. The other underwriters are Mitsubishi UFJ Morgan Stanley Securities, Mizuho Securities, SBI Securities, SMBC Nikko Securities and Monex Securities.