See the original story in Japanese.

Tokyo-based Logly, a startup running an internet ad platform and recommendation service, announced on Thursday that its IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on 20 June. SMBC Nikko Securities will lead the underwriting.

Since its launch back in 2006, the company has been offering Logly (demand-side platform), Logly Lift (enabling the placement of text-based ads on their partner media sites), Newzia Connect (context matching recommendation engine) and other services. In addition to Logly Lift, their primary revenue streams include Loyalfarm which was launched in November of 2016 to help media sites better engage their users.

As to disclosure, Logly raised 120 million yen (approximately $1.15 million at the exchange rate then) from CA Mobile, Voyage Ventures, Mizuho Capital and SMBC Venture Capital in December of 2013, then  subsequently 300 million yen ($2.86 million) in June of 2015. The funds in 2015 made the startup a Voyage Group subsidiary when accounting through use of the equity method.

According to the consolidated statement as of March of 2017, they posted a revenue of 911.8 million yen (about $8.3 million) with an ordinary profit of 49.9 million yen ($454,000) and a net profit of 63.5 million yen ($577,000). Led by the company’s CEO Hirokazu Yoshinaga (30.79%), its major shareholders include the company’s director Masahisa Kishimoto (17.98%), Voyage Group (15.24%), IT Media (5.36%), Voyage Ventures (5.24%) and CA Mobile (5.18%).

Edited by “Tex” Pomeroy