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