Japan's second-biggest IPO of 2019

NHK -- Dec 18

An IT startup that was Japan's second-largest IPO of the year rose on its first day of trading in Tokyo.

Software startup "freee" debuted on the Tokyo Stock Exchange's Mothers market. The company offers a cloud-based accounting software for small firms.

It ended the day at 2,700 yen, or about 25 dollars. That's up 35 percent from the IPO price, and means the Tokyo-based firm is valued at more than 1 billion dollars.

CEO Daisuke Sasaki says the firm will use the IPO to expand its user base.

He said "Our business is basically a subscription model. It costs money to acquire users, but in the long run we'll make it back from the regular fees".

TSE officials say this year saw a number of listings by start-ups with new business models.

They say it was a 5-year high for firms, like "freee", that went public despite being in the red.