Mercari, Inc. - US$1.2 billion IPO of Japan’s first “unicorn”
Leading Japanese law firm Nishimura & Asahi has advised Mercari, Inc. on its 130.7 billion yen (US$1.2 billion) initial public offering and listing on the Tokyo Stock Exchange, the largest IPO in the Japanese market so far this year. Mercari, which offers a popular smartphone app that allows people to trade used items online, is the country’s third-largest listing in the past five years. Founded in 2013, Mercari was Japan’s first “unicorn” - a start-up with a valuation above US$1 billion. Based on the closing price of its first day of trading, the valuation of the company was approximately US$6.5 billion.