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Tokyo-based VisasQ (VQ), the Japanese startup behind a consulting matchmaking platform under the same name, announced today that IPO application to the Tokyo Stock Exchange (TSE) has been approved.
The company will be listed on the TSE Mothers Market on March 10 with plans to offer 500,000 shares for public subscription and to sell about 426,400 shares in over-allotment options for a total of about 2.3 million shares. The underwriting will be led by Mizuho Securities while VQ’s ticker code will be 4490.
Based on the estimated IPO price of 2,100 yen (about $19.4) a share, the company’s market valuation will be about 17 billion yen (about $156.6 million).
Its share price range will be released on February 19 with bookbuilding scheduled to start on February 20 and pricing on February 27. According to the consolidated statement as of February 2019, they posted revenue of 614 million yen (about $5.7 million) with an ordinary profit of 24 million yen (about $221,000).
Launched back in March of 2010 under the previous name of Walkntalk, VQ has been offering an online matchmaking platform where companies can get consultation and advice from appropriate professionals (the company call them ‘advisors’) according to their expertise. It’s mainly used for industrial research and market analysis.
VQ Interview, one of the products that VQ’s representative first analyzes a client’s request and then link up to an appropriate professional, has received 44,000 orders from clients as of December 2019, which accounts for 80% of the total orders across their entire product line. The company has 86,000 registered professionals in 500 different business sectors and 423 clients (as of 2020 Q3).
Led by founder and CEO Eiko Hashiba (59.33%), the company’s major shareholders include VC firm DCM (14.19%), Venture United (11.13%), CyberAgent Capital (7.22%), DBJ Capital (2.83%), Mizuho Capital (2.83%), Naoki Aoyagi (0.91%), and CTO Soshi Hanamura (0.78%).
Translated by Masaru Ikeda