Japan on-demand gig job app Timee files for IPO, eyes up to $910M valuation

Image credit: Timee

Update on 10am JST, June 24th: Due to the wide range of the estimated price per share, the basis for calculating the market cap was changed to the average of the range.

Tokyo-based Timee, the Japanese startup offering an on-demand gig job app under the same name, announced on Friday 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 26 (at the earliest) with plans to sell 4,836,800 shares in over-allotment options for a total of 32,245,400 shares but will offer no share for public subscription. The underwriting will be led by Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, and Morgan Stanley MUFG Securities while Timee’s ticker code will be 215A.

The provisional price will be determined on July 9 while the book-building period will begin on July 9 and run until July 17 for the shortest or until July 23 for the longest (subject to change as the scheduled listing date is determined). The final public offering price will be determined between July 18 and July 24 (subject to change as the scheduled listing date is determined).

The total number of outstanding shares at the time of listing is 95,139,000. Based on the average of the company’s estimated issue price range of 1,430 — 1,330 yen (about $9.5 $8.3 US) per share, its market cap is 136.05 126.53 billion yen ($910 $792 million US). According to its consolidated statement as of October of 2023, the company posted revenue of 16.14 billion yen ($110 million US) and an ordinary profit of approximately 1.924 billion yen ($13 million US).

The Timee service was launched back in August of 2018 under its previous name of Taimee. Founder and CEO Ryo Ogawa began interning in high school and then founded a fashion company after winning a business contest at Keio University. He ran this business for about a year, pivoted, and established a new Timee business in March of 2019, which as of February of 2024 has over 7 million gig workers and served approximately 98,000 businesses mainly in the restaurant, logistics, and retail industries.

Led by CEO Ogawa (21.96%), major shareholders include Recolle (8.27%), Keyrock Capital Management (7.27%), MIXI (TSE: 2121, 5.58%), JAFCO (TSE:8595, 4.30%), Tsukiyama Special Purpose Company (3.66%), En Japan (TSE:4849, 3.53%), CyberAgent (TSE:4751, 3.51%), JEC2 Limited (3.30%), Woodline Partners (2.91%), CyberAgent Capital (2.46%), and CFO Tomoaki Yagi (2.37%).