Japan’s Pixie Dust Technologies, wave-control tech startup, makes NASDAQ debut on Tuesday

Image credit: Pixie Dust Technologies

Tokyo-based Pixie Dust Technologies, the Japanese startup focused on commercialization of innovative products and meta-materials utilizing its proprietary HAGEN wave-control technology, announced today that it will be listed on the Nasdaq market. The ticker symbol is PXDT.

Specifically, the company decided to issue 1,666,667 American Depository Shares (ADSs) at a price of $9.00 per ADS through an initial public offering (IPO). The listing is expected to begin trading on the Nasdaq Capital Market on August 1, EST.

The offering is expected to generate net proceeds of approximately $13.8 million, which will be used primarily for the development and commercialization of the technology and its related products, working capital, and general corporate purposes. The Bloomberg website shows the startup’s share price on standby.

In addition, Pixie Dust Technologies has granted the underwriters a 45-day over-allotment option to purchase up to an additional 250,000 ADSs. If this option is exercised, the company will issue an additional 250,000 ordinary shares at a price net of underwriting fees.

The company was founded in May 2017 by CEO Yoichi Ochiai, Associate professor at Tsukuba University, and COO Yasuichiro Murakami, who has worked in strategic consulting and other fields.

The company secured 645 million yen in November of 2017, 3.846 billion yen in a Series B round in May of 2019, and approximately 2.17 billion yen in a Series C round in October of 2022.

Their backers include Incubate Fund, Tohoku University Venture Partners, Shionogi (TSE:4507), Suzuyo, Nomura Co. (TSE:9716), Axiom Asia, INCJ, SBI Investment, Toppan Printing (TSE:7911), SMBC Venture Capital, Value Co-Creation Venture Fund (managed by NEC Capital Solutions and Venture Lab Investment), Mizuho Capital, KDDI Open Innovation Fund (managed by KDDI and Global Brain), K4 Ventures, Dai-ichi Life Insurance, and Dentsu.

via PR TIMES   Summarized by ChatGPT