Moi, Japanese startup behind mobile streaming app TwitCasting, files for IPO

Image credit: Moi Corporation

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Moi Corporation, the company behind Japanese mobile live streaming app TwitCasting, announced last week that its IPO application to list on the Tokyo Stock Exchange had been approved. The company will be listed on the TSE Growth Market on April 27 with plans to offer 1,041,800 shares for public subscription and to sell 354,200 shares in over-allotment options for a total of 1,320,000 shares. The underwriting will be led by SBI Securities while Moi’s ticker code will be 5031.

Its share price range will be released on April 19 with bookbuilding scheduled to start on April 12 and pricing on April 18. According to the consolidated statement as of January 2021, they posted revenue of 4.939 billion yen ($39.5 million) with an ordinary profit of 195 million yen ($1.6 million). Based on the estimated issue price of 470 yen (about $3.8), the company will be valued at 6.2 billion yen ($49.5 million).

The TwitCating app was originally launched as a side project of Akamatsu’s previous startup Sidefeed. In 2012, the project was split off as a new company called Moi from Sidefeed in 2012. The service has attracted more than 10 million users by 2015, and then the cumulative number of its registered users hit 33.6 million in the end of July of 2021. The app allows users to livestream their performances and shows as well as monetize them.

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Moi says that 60% of the app’s users are 24 years old or younger while more than half of them are female (62%). The company is making money through selling points which users purchase and redeem for items to liven up their shows or extend the time limit of livestreaming. The sales of the points account for 96% of the company’s total revenue, having seen a steady growth – 1.224 billion yen ($9.8 million) in 2019, 2.319 billion yen ($18.5 million) in 2020, and 5.28 billion yen($42.2 million)i n 2021.

Led by Yosuke Akamatsu (59.7%), the company’s major shareholders include East Ventures (17.15%), Mandela Capital Limited (4.61%), Global Brain (4.14%), and SBI AI & Blockchain Fund (4.14%).