Japan business card app operator Sansan prices IPO at top of range, raises $360m

Japanese business card management company Sansan Inc priced its initial public offering (IPO) at the top of an indicative range on Friday, a regulatory filing showed, raising 38.9 billion yen ($360 million).

Sansan said in the filing the IPO had been priced at 4,500 yen per share, at the top of a book-building range of 4,000-4,500 yen, valuing the startup at 134.7 billion yen ($1.2 billion). The amount it will raise includes the over allotment.

The firm, which allows users to scan and organise Japan’s ubiquitous “meishi” or business cards, will list on the Tokyo Stock Exchange’s Mothers market on June 19.

In December, Sansan said it raised 3 billion yen in its latest funding round from investors including Japan Post Capital and T. Rowe Price, taking the total amount raised to more than $100 million.

Japan’s tech scene remains dominated by established players, with artificial intelligence startup Preferred Networks the country’s only unicorn as of January, according to CB Insights.

In April, crypto startup Liquid Group said its valuation passed $1 billion at its most recent fundraising without disclosing the amount raised.

Reuters