Adtech startup Fringe81 to list on Tokyo bourse

Tall buildings in Tokyo's Ginza district. Pixabay

Tokyo-based advertising technology (adtech) startup Fringe81 is planning to list on the MOTHERS board of the Tokyo Stock Exchange (TSE), following the bourse regulators approving its initial public offer (IPO).

Fringe81 was founded in 2005 as RSS Kokokusha, which focused on advertising in RSS feeds but rebranded to Fringe81 in 2010. Since then, it has developed several new technical offerings. One is Digitalice, a cloud-based ad server platform that permits advertisers and media firms to analyse advertisement performance, user behaviour and how users crawl the websites after viewing ads.

Led by the company’s CEO, Yuzuru Tanaka, who holds 49.8 per cent of the venture, its major shareholders include Itochu Technology Ventures (16.84%), Cyber Communications (5.54%), and CyberAgent (5.48%).

It will list on the TSE MOTHERS Market on 27 June, with 108,800 shares for public subscription and to sell 39,000 shares in over-allotment options, for a total of 151,300 shares. Nomura Securities will underwrite the IPO. Its share price range will be released on 6 June, with its bookbuilding scheduled to start on 8 June and pricing to commence on 15 June.

February 2015 saw Fringe81 secure $3.5 million from iStyle Capital, NTT Docomo Ventures, Gree, Dentsu Digital Holdings, and TBS Innovation Partners. Prior to this, it raised JPY 240 million ($2.6 million at 2013 exchange rate) from Itochu Technology Ventures in March 2013. This brings their aggrgate equity funding raised to about $4.1 million.

According to the consolidated statement as of March 2017, Fringe81 posted revenue of JPY 4.5 billion yen ($40.5 million) and an ordinary loss of JPY 54 million ($486,000). Its public offer price per share is estimated at JPY 2,070 ($18.6).

Back in 2010, the Tokyo bourse relaxed its restrictions in order to spur more startup listings. A listing on the TSE Mothers board can be a shorter route to a partial or early exit for startups, as well as being a channel for raising funding. The outcome of this was that the TSE saw a surge in startup listings at the beginning of 2016.

According to a Bloomberg report, on the TSE Mothers market, five of the top ten largest companies by market value are technology enterprises that originated as university startups.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.