Japan’s tech IPO market has been drying up dramatically in recent months, but there are still some IPOs happening. Today it was announced that Tokyo-based Japan Medical Net Communications, which operates several sites for medical services in this country (full list here), is next. The company has received approval to list on the Tokyo Stock Exchange’s startup market Mothers on December 21.
The company will announce the fixed offering price on December 10, with Daiwa Securities Capital Markets being the lead underwriter of the offer (the tentative price range will be announced on December 1).
It’s a relatively small IPO. Medical Net Communications said they expect 495 million Yen (US$5.94 million) of fresh money through the IPO. What’s interesting is that the plan is to invest US$940,000 to set up a subsidiary in the US.
For the current fiscal year, the company expects revenue to stand at US$15.1 million and net profit to reach US$2.4 million.
Serkan Toto