Japan’s biggest taxi app raised $553 million in the country’s largest IPO this year

TL;DR

Go Inc. starts trading on the Tokyo Stock Exchange after raising ¥88.6 billion ($553M) in Japan’s largest IPO this year.

Go Inc., Japan’s most widely used taxi-hailing app, begins trading on the Tokyo Stock Exchange on Tuesday after raising ¥88.6 billion ($553 million) in the country’s largest initial public offering this year. The offering was more than 25 times oversubscribed. Investors valued the company at ¥186 billion.

The IPO priced at ¥2,400 per share, the top of the marketed range of ¥2,350 to ¥2,400. International investors were allocated 70 per cent of the offering, with local retail investors receiving 25 per cent and domestic institutions getting 5 per cent. More than 180 entities expressed interest in the international portion alone, making that tranche roughly 20 times oversubscribed.

BlackRock, Wellington Management, and M&G Investment Management have all committed to buy shares, according to the company’s English prospectus. Goldman Sachs, which...

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