Go, a Japan-based taxi-hailing app operator priced its initial public offering at 2,400 yen (US$15) per share, the top of its indicated range.

The Goldman Sachs-backed company raised 88.6 billion yen (US$553 million) in the shareholder sale, valuing it at 186 billion yen (US$1.16 billion).

The company is due to start trading on June 16 in Japan’s biggest listing so far this year.

The deal comes amid a weak IPO market in Japan. Proceeds totaled 54 billion yen (US$337 million) this year, excluding Go’s offering, and only 15 companies listed, the lowest count since 2011.

Go competes with Uber Technologies, China-based ride-hailing firm Didi Global, and S.Ride, a local taxi-hailing app backed by Sony Group.

Go says it is Japan’s most widely used taxi app, and Japan Guide says it accounts for 80% of total usage time among the country’s top five taxi apps.

Goldman invested 10 billion yen (US$62.4 million) in Go in 2023 in a deal that valued the company at 135 billion yen (US$842 million).

🔗 Source: Bloomberg