Singapore’s on-demand bus service provider Swat Mobility considers Japan IPO

Photo: Dave Kim / Unsplash

Swat Mobility Pte, an on-demand bus service provider, is considering an initial public offering in Japan to bankroll its expansion, according to people with knowledge of the matter.

The Singapore-based startup recently appointed an international auditing firm as it contemplates listing on the Tokyo stock exchange, said one of the people, who asked not to be named because the matter is private.

Swat Mobility uses high-precision route-optimizing technology to pool multiple passengers. It sees Japan as a promising market for on-demand bus services in the wake of fatal accidents involving elderly drivers, the person said.

A representative of Swat Mobility declined to comment.

The startup counts Toyota Motor Corp. among its partners and customers include Mitsui Fudosan Co. and Jupiter Telecommunications Co., the Japanese cable-TV company known as J:COM. This year, Swat secured investments from backers led by GB-VII Growth Fund Investment LP, part of Japanese venture-capital firm Global Brain Corp. Other investors include the University of Tokyo Edge Capital Partners Co., iGlobe Platinum Fund II Pte and LKJ Capital Japan Ltd.While an IPO in Japan is a preferred path to going public, the firm hasn’t ruled out listing in the U.S. through a merger with a special purpose acquisition company, and has been approached by investment bankers, one of the people said.

Swat Mobility currently operates in Singapore, Japan, the Philippines, Thailand, Vietnam, Indonesia and Australia.

Bloomberg

Singapore Reporter/s

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

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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.