Tokyo-based Alt, the Japanese startup developing AI solutions and Large Language Models (LLMs), announced on Thursday 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 11 with plans to offer 7.5 million shares for public subscription and to sell 1.35 shares in over-allotment options for a total of 1.5 million shares. The underwriting will be led by Daiwa Securities while Alt’s ticker code will be 260A.
Its share price range will be released on September 25 while the book-building period will begin on September 26 and run until October 2. The final public offering price will be determined on October 3.
The total number of outstanding shares at the time of listing is 33,344,700. Based on the estimated issue price of 510 yen (about $3.6 US) per share, its market cap is approximately 17 billion yen ($119 million US). According to its consolidated statement as of December 2023, the company posted revenue of 4.11 billion yen ($28.8 million US) and an ordinary loss of approximately 1.49 billion yen ($10.4 million US).
Alt was founded in 2014 by CEO Kazutaka Yonekura and others. Prior to Alt, he served as Managing Director at Media Do (TSE:3678) and then founded Mirai Shonen in 2006, growing the latter into a 1.5 billion yen business before selling its all operations in 2014. Alt has been providing various solutions through the research and development of P.A.I. (Personal Artificial Intelligence) technology, which creates digital clones by aggregating personal data. AI Gijiroku, the company’s signature transcription tool launched back in 2020, surpassed 8,000 corporate users in July.
Major shareholders include CEO Kazutaka Yonekura (21.01%), Singapore government-backed Vertex Growth (13.29%), JAFCO Group (TSE:8595, 9.17%), SBI Ventures Two (4.82%), SBI Investment (3.85%), East Ventures (2.94%), SMBC Venture Capital (2.89%), Dawn Capital (2.89%), Goshi Yonekura (2.80%), and SMBC Nikko Securities (2.12%).