Flea market app operator Mercari Inc has received approval for an initial public offering in Tokyo that will raise up to $1.1 billion, a regulatory filing showed on Monday, giving investors a rare chance to buy into a Japanese unicorn.
Mercari, which offers an online marketplace for individuals to trade used items primarily through a smartphone app, will list on the Tokyo Stock Exchange’s Mothers market on June 19, the filing with the Finance Ministry showed.
At Mercari‘s indicative price range of 2,200-2,700 yen per share, the company will sell up to 117.6 billion yen ($1.1 billion) in shares and have a market value of 365.4 billion yen ($3.3 billion) upon listing.
The final price will be determined on June 11.
Founded in 2013, the company is a rare example of a Japanese unicorn – a startup with a valuation in excess of $1 billion.