Yappli, a Japan-based application design technology developer backed by corporates Globis, Itochu, Salesforce and Yahoo Japan, has been approved to list on the Tokyo Stock Exchange (TSE).
The company will float on TSE’s Mothers Market on December 22 and expects to issue 350,000 shares, with 726,600 shares earmarked for the greenshoe option.
The price range for the initial public offering will be determined on December 2, ahead of bookbuilding from December 4 and pricing on December 10. The Bridge estimates the shares will be priced at ¥2,960 ($28.30) each, valuing Yappli at roughly $330m.
Founded as Fastmedia in 2013, Yappli provides a no-code development platform for both programmers and non-programmers to create mobile apps. It raised $28m in a June 2019 round that was led by financial services and investment group Fidelity’s Eight Roads Ventures Japan subsidiary.
Education services provider Globis, internet company Yahoo Japan and financial services firm Sumitomo Mitsui Banking Corporation took part in the round through their Globis Capital Partners, YJ Capital and SMBC Venture Capital units.
Debt financing for the 2019 round was supplied by financial services firms Mizuho Bank, Resona Bank and Japan Finance Corporation.
Globis Capital Partners had led a $6m round for the company in 2017, investing alongside Mizuho Bank, Itochu Technology Ventures, the corporate venturing arm of diversified trading firm Itochu, and private investor Shogo Kawada.
Enterprise software supplier Salesforce, Globis Capital Partners, YJ Capital and Shogo Kawada had backed a $2.7m round for the company in 2015, after YJ Capital had provided $300,000 two years before.
