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Tokyo-based Giftee, the Japanese startup behind the platform allowing users to send friends an e-voucher which they can then redeem at selected retailers, announced on Friday that its IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on 20 September with plans to offer 800,000 shares for public subscription and to sell 658,000 shares in over-allotment options, for a total of 3.59 million shares. Nomura Securities will lead the underwriting.
Its share price range will be released on 30 August with bookbuilding scheduled to start on 3 September and pricing on 9 September. According to the consolidated statement as of December 2018, they posted revenue of 1.12 billion yen (about $10.5 million) with an ordinary profit of 283 million yen ($2.7 million). Given that the tentative share price will be set at 1,250 yen and the company has issued a total of 24.03 million shares to date, their market cap is expected to be around 31 billion yen ($290 million).
Founded in October of 2008, Giftee started the social gifting platform under the same name back in March of 2011. Subsequently the company launched a B2B service called Giftee for Business back in April of 2016, which allows companies to send an e-voucher to their clients and now accounts for 62% of the total revenue. They formed a capital and business tie-up with Japanese credit card giant JCB and department store operator Marui Group.
Gifttee had attracted a total of 1.1 million users with its original consumer-focused service since its launch to December of 2018, which eventually reached 1.25 million users back in June this year. Led by founder and CEO Mutsumi Ota (20.46%), the company’s major shareholders include telco giant KDDI (15.46%) and VC firm Jafco (15.05%).
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Translated by Masaru Ikeda