VisasQ, a Japan-based advisory platform backed by internet company CyberAgent, digital advertising group DA Consortium and banking firm Mizuho Financial Group, has been approved to float on the Tokyo Stock Exchange (TSE).
The company’s share price range for the initial public offering will be set on February 19, before bookbuilding on February 20 and pricing on February 28. It expects to issue 500,000 shares, with an extra 426,000 shares reserved for the greenshoe option.
The Bridge estimates the shares will be priced at ¥2,100 ($19.20) in the IPO, making the company’s market valuation approximately $157m.
Founded in 2012 as Walkntalk, VisasQ helps corporations, investors and professional services firms outside Japan enter the country’s market. It has a network of industry professionals who provide advice on regulatory compliance, due diligence and market insights, covering industries such as energy, healthcare, media and technology.
The company raised $2.1m from CyberAgent Capital (then known as CyberAgent Ventures), DAC Venture United and Mizuho Capital – respective corporate venturing vehicles for CyberAgent, DA Consortium and Mizuho Bank – as well as DCM Ventures and the state-owned Development Bank of Japan’s DBJ Capital unit in 2015.
CyberAgent Ventures and DAC Venture United had also participated in a $680,000 round for VisasQ the previous year.
Mizuho Securities is lead underwriter for the IPO, which is set to take place on the TSE Mothers Market on March 10. Daiwa Securities, Monex Securities, Nomura Securities, SBI Securities, SMBC Nikko Securities and Tokai Tokyo Securities are the other underwriters.
