Japanese news curation app developer Gunosy files for IPO



See the original story in Japanese.

Japan’s Gunosy, a Tokyo-based company behind a news curation app under the same name, submitted an IPO application to the Tokyo Stock Exchange and was approved today. The company will be listed on the TSE Mothers Market on 28 April with plans to offer 3.5 million shares for public subscription and to sell 886,500 shares in over-allotment options for a total of 2.41 million shares. The underwriting will be led by Nomura Securities.

Its share price range will be released on 8 April, bookbuilding is scheduled to start on 20 April. According to the consolidated statement as of May 2014, they posted a revenue of 359 million Japanese yen ($3.3 million) and an ordinary loss of 1.37 billion yen ($11.4 million).

Gunosy was launched in October 2011 by three graduate students at the University of Tokyo, and was incorporated as a joint-stock company in 2012. Serial entrepreneur and investor Shinji Kimura came on to help manage the company as co-CEO in 2013 but subsequently stepped down last September. According to TechCrunch Japan, Kimura’s departure is to avoid the risk of breaching the non-compete clause, which requires him to refrain from competing with other companies in the same sector.

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Translated by Masaru Ikeda
Edited by Kurt Hanson
Proofread by “Tex” Pomeroy