Sun Asterisk, the Japan-based digitisation services studio backed by electronics manufacturers Kaga Electronics and Sony, listed on Tokyo Stock Exchange (TSE)’s Mothers Market today.
The company’s shares were priced at ¥700 ($6.66) each and the offering could raise approximately $13.7m, including the over-allotment option.
Founded in 2012 as Framgia, Sun Asterisk provides consulting services for businesses on areas including programming, graphic design, project management, financial support and marketing.
Norinchukin Bank had provided the company’s $9.2m funding in December 2019, before it backed another round of roughly the same size three months later with Sony subsidiaries Sony Network Communications and Sony Innovation Fund by Innovation Growth Ventures (IGV).
Kaga Electronics, financial services firm Norinchukin Bank, Leave a Nest Capital and 15th Rock Ventures filled out the equity portion of the round, which included debt supplied by Mizuho Bank, Sumitomo Mitsui Banking Corporation, Shoko Chukin Bank, Kiraboshi Bank, Chiba Bank and Musashino Bank.
Sun Asterisk’s notable shareholders include Masato Hirai, who owns 34.37% while fellow director Yusuke Hattori has a 19.91% stake, followed by executive Kazunari Fujimoto (13.05%), tax accountant Toshihiro Itoi (8.23%) and CEO Taihei Kobayashi (7.70%).
Norinchukin Bank holds 5.55%, followed by Sony Innovation Fund by IGV (1.64%), Sony Network Communications and Kaga Electronics (0.55% each), and Leave a Nest Capital and 15th Rock Ventures (0.16% each).
Daiwa Securities is the initial public offering’s lead underwriter, which is joined by Mizuho Securities, Monex, Okasan Securities, Rakuten Securities, SBI Securities, SMBC Nikko Securities and Tokai Tokyo Securities.
