Japan’s mobile app analytics startup Fuller files for IPO

From left: Founder and Chairman Shuta Shibuya, President Masashi Yamazaki
Image credit: Fuller

Japanese startup Fuller, the company offering mobile app development and usage data analysis services, announced on Monday that its initial listing application on the Tokyo Stock Exchange had been approved. The company will be listed on the TSE Growth Market on July 25 with plans to offer 80,000 shares for public subscription and to sell 44,200 shares in over-allotment options for a total of 215,200 shares. The underwriting will be led by SBI Securities while Fuller’s ticker code will be 5583.

Based on the company’s estimated issue price is 990 yen (about $7) per share, its market cap is approximately 1.66 billion yen (about $11.7 million). Its share price range will be released on July 5 with bookbuilding scheduled to start on July 7 and pricing on July 13. The final public offering price will be determined on July 14. According to its consolidated statement as of June of 2022, the company posted revenue of 1.24 billion yen ($8.7 million) with an ordinary profit of 166.1 million yen ($1.2 million).

Fuller was founded in November 2011. Currently, the company’s founder, Shuta Shibuya, serves as Chairman of the Board while Shoji Yamazaki serves as President. The company had been headquartered in Tokyo’s suburb of Kashiwanoha for a long time. In November of 2020, their registered head office was moved to Niigata, where hibuya was born and raised, and the company now has two head offices, in Niigata and Kashiwanoha. This will be the first listing from Niigata Prefecture since Snow Peak (TSE: 7816) and Yukiguni-Maitake (TSE: 1375).

Major shareholders include Founder and Chairman Shuta Shibuya (16.08%), B Dash Ventures (8.42%), Global Catalyst Partners Japan (7.97%), Asahi Net (6.26%), Ibaraki New Industry Creation Fund (5.17%), Kimiya Yamamoto (President of Open Road Associates, 4.23%), Executive Vice President and CDO Hiroki Sakurai (3.45%), Niigata Venture Capital (3.41%), and President Masashi Yamazaki (3.33%).

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