Fukuoka-headquartered startup Nulab, offering various SaaS (software as a service) such as BackLog, Cacoo and Typetalk, announced on Tuesday 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 June 28 with plans to offer 510,300 shares for public subscription and to sell 290,800 shares in over-allotment options for a total of 1,429,000 shares. The underwriting will be led by SMBC Nikko Securities while Nulab’s ticker code will be 5033.
Based on the company’s estimated issue price is 2,130 yen (about $16.8) per share, its market cap is approximately 13.74 billion yen (about $108 million). Its share price range will be released on June 10 with bookbuilding scheduled to start on June 13 and pricing on June 17. The final public offering price will be determined on June 20. According to its consolidated statement as of March of 2021, the company posted revenue of 1.94 billion yen ($15.3 million) with an ordinary loss of 8.52 million yen ($67,000).
Since its launch back in March of 2004 by CEO Masanori Hashimoto and others, Nulab has been offering cloud-based solutions helping companies and individuals improve their productivity. In addition to its headquarters in Fukuoka, the company is actively expanding both domestically and internationally, and now has development and marketing teams in New York, Singapore, and Amsterdam as well as several Japanese cities.
Led by CEO Hashimoto (25.42%), the company’s major shareholders include co-founder / director / head of NY office Shinsuke Tabata (25.34%), Alioth (24.01%), Now (4.93%), Nulab’s ESOP (employee stock ownership plan, 4.48%), East Ventures (4.3% through two funds), XTech Ventures (2.74%), and Shinsei Capital Partners (1.46%).
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