Tokyo-based Money Forward, Japan’s leading SaaS (software as a service) accounting startup, announced today that its IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on 29 September with plans to offer 1,617,700 shares for public subscription and to sell up to 382,300 shares in over-allotment options, for a total of 931,000 shares. SMBC Nikko Securities will lead the underwriting.
Led by the company’s CEO Yosuke Tsuji (19.95%), its major shareholders include Jafco (TSE:8595, 14.90%), board member Chihiro Asano (9.47%), CISO Takashi Ichikawa (6.60%), Monex Ventures (4.78%), Credit Saison (TSE:8253, 4.11%), and the company board member Toshio Taki (3.36%).
According to the consolidated statement as of November 2016, they posted a revenue of 1.54 billion yen (about 14 million) with an ordinary loss of 882.6 million yen ($8 million) and a net loss of 890 million yen ($8.1 million).
Money Forward was founded in May of 2012 under its previous name of Money Book. Since December of 2012, the company has been providing online personal accounting for individuals called Money Forward, allowing them to easily manage their daily expenses by integrating their bank passbook and credit purchase history with information obtained from their web bank and credit accounts. The service is also available for desktop, as well as iOS and Android platforms.
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Edited by “Tex” Pomeroy