SmartNews is seeking to raise ¥11.2 billion ($70 million) in an initial public offering in Tokyo next month, at a valuation that’s 80% lower than its latest major funding round in 2021.The news aggregator app developer’s founder and backers plan to offer 8.1 million shares at an indicative price of ¥1,390 each, according to a regulatory filing Thursday.Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley MUFG Securities and Nomura Holdings are the underwriters of the share sale. Books will open on Nov. 30 and pricing is expected on Dec. 7, with trading to begin on Dec. 15.
SmartNews seeks ¥11.2 billion in Tokyo IPO after 80% valuation cut
The deal highlights the struggles of what was once one of the most best-regarded startups in the country.
In brief
SmartNews is seeking to raise ¥11.2 billion ($70 million) in an initial public offering in Tokyo next month, at a valuation that’s 80% lower than its latest major funding round in 2021.The news aggregator app developer’s founder and backers plan to offer 8.1 million shares at an indicative price of ¥1,390 each, according to a regulatory filing Thursday.Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley MUFG Securities and Nomura Holdings are the underwriters of the share sale. 30 and pricing is expected on Dec. 7, with trading to begin on Dec.
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