Tokyo-based Base Food, developing and selling nutritionally complete food products, announced on Wednesday 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 November 15 with plans to offer 2,723,100 shares for public subscription and to sell 961,000 shares in over-allotment options for a total of 3,684,200 shares. The underwriting will be led by Mitsubishi UFJ Morgan Stanley Securities while Base Food’s ticker code will be 2936.
Based on the company’s estimated issue price is 950 yen (about $6.5) per share, its market cap is approximately 48.3 billion yen (about $329 million). Its share price range will be released on October 28 with bookbuilding scheduled to start on October 31 and pricing on November 4. The final public offering price will be determined on November 7. According to its consolidated statement as of February of 2022, the company posted revenue of 5.55 billion yen ($37.8 million) with an ordinary loss of 461 million yen ($3.1 million).
Base Food is the food-tech startup founded in April of 2016 by Shun Hashimoto, formerly engaged in the autonomous driving business at DeNA. The company develops and sells Base Bread, Base Pasta, and Base Cookies through its e-commerce site as well as other e-commerce sites and wholesale to retailers. In February, they had over 100,000 users receiving products every four weeks on a subscription basis.
Led by CEO Hashimoto (34.27%), the company’s major shareholders include Global Brain (23.31% through two funds), Rakuten Capital (8.13%), XTech Ventures (4.07%), angel investor Yutaka Kaneko (3.51%), employee Takafumi Shimada, director Ryuta Saito, and director Yosuke Yamamoto (2.32% for each), and The Fund (2.05%).