Japan’s Caster, introducing remote workers to companies, files for IPO


Japanese startup Caster, the company offering online-based office assistant services for companies, announced on Wednesday that its initial listing application on the Tokyo Stock Exchange had been approved. The company will be listed on the TSE Growth Market on October 4 with plans to offer 350,000 shares for public subscription and to sell 52,500 shares in over-allotment options. The underwriting will be led by Daiwa Securities while Caster’s ticker code will be 9331.

Based on the company’s estimated issue price is 650 yen (about $4.5) per share, its market cap is approximately 1.24 billion yen (about $8.5 million). Its share price range will be released on September 14 with bookbuilding scheduled to start on September 19 and pricing on September 25. The final public offering price will be determined on September 26. According to its consolidated statement as of August of 2022, the company posted revenue of 3.34 billion yen ($23 million) with an ordinary loss of 161.8 million yen ($1.1 million).

Founded in September of 2014, the company offers Caster Biz and other services helping enterprises connect with freelance or contract-based remote workers to outsource corporate tasks such as secretary, personnel, accounting, and translation operations. Over 800 remote workers have been registered while the company has served more than 2,900 companies in total as of 2021.

Major shareholders include Incubate Fund (25.24% through two funds), Blue Monday (20.05%, founder and CEO Shota Nakagawa’s asset management company), WiL (11.1%), Daiwa Corporate Investment (9.33%), Strive (6.08%), CEO Nakagawa (3.54%), Gree Co-Invest (3.3%), SMBC Venture Capital (2.8%), Gunosy Capital (2.43%), Hideaki Ishikura (1.7%, managing director), Dip (1.21%, TSE:2379), and Yamaguchi Capital (1.21%).

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