Go, a Tokyo-based taxi-hailing company, raised 88.6 billion yen ($553 million) in Japan’s biggest initial public offering this year.

The company said it would use the funds for robotaxi research and development. It also plans to fund business expansion and strategic acquisitions as it responds to a driver shortage.

GO is described as Japan’s most used taxi app.

The shortage reflects Japan’s shrinking and aging workforce. The number of taxi drivers in 2021 was 60% of its 2009 peak.

GO has not set a timeline for fully driverless service.

Meanwhile its shares closed at 2,314 yen (US$14) about 4% below its 2,400 yen (US$15) offer price.

🔗 Source: TechCrunch