Kobe-headquartered Chatwork, the startup behind a cloud-based business chat tool under the same name, announced on Thursday that its IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on 24 September with plans to offer 600,000 shares for public subscription and to sell up to 1,270,500 shares in over-allotment options, for a total of 7.9 million shares. Daiwa Securities will lead the underwriting.
Its share price range will be released on 29 August with bookbuilding scheduled to start on 2 September and pricing on 6 September. According to the consolidated statement as of December 2018, they posted revenue of 1.31 billion yen (about $12.3 million) with an ordinary loss of 186 million yen ($1.75 million) and a net loss of 110 million yen ($1.04 million).
Chatwork, the company’s flagship service, is now being served to 2,747,000 users while 364,000 paying users among them are subscribing to its premium service (as of June this year). In addition, the company also sells antivirus products of Slovakian IT security company ESET.
Founded in July of 2000 as EC Studio, the company raised 300 million yen (about $2.5 million) from GMO Venture Partners in April of 2015, and subsequently 1.5 billion yen (about $12.8million) from GMO Venture Partners, Jafco, Shinsei Corporate Investment, and SMBC Venture Capital in January of 2016. Established in Osaka, they have moved their headquarters to Tanigami, the western part of Kobe City, as an effort to help making the mountainous area “another Silicon Valley”. They also have business operations in Tokyo and Osaka as well as a representative office in Taipei.