(April 9): Japan’s most popular taxi-hailing provider Go Inc is planning an initial public offering (IPO) this year which could raise several hundred million dollars, according to people familiar with the matter.
The IPO could raise in the range of ¥50 billion to ¥80 billion (approximately US$300 million and US$500 million) and the company is working with banks including Bank of America Corp, Goldman Sachs Group Inc and Nomura Holdings Inc on a possible listing, said the people who asked not to be identified as the information isn’t public.
Discussions on the IPO are ongoing and details such as the target valuation and timing are subject to change, the people said. Representatives for BofA, Goldman, Nomura and Go Inc declined to comment.
Goldman invested ¥10 billion in 2023, valuing the company at ¥135 billion, according to the company’s president.
Go Inc runs the most widely used taxi hailing app in Japan in terms of user numbers, according to a survey in 2024 by ICT Research and Consulting Inc. It competes in the country against Uber Technologies Inc, China-based Didi Global Inc and local provider S Ride Inc, which is owned by Sony Group Corp.
The offering could provide a much-needed tailwind for the nation’s slowing IPO market, which has had the weakest first quarter since 2022. Enthusiasm for new listings has soured amid a surge in crude oil prices following the US-Israeli attack on Iran.
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Major shareholder DeNA Co, which holds about a 26% stake, said in February that Go Inc had submitted an application to list on the Tokyo Stock Exchange.
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