Marketplace app firm goes public

Jun 20 (NHK) - The Japanese operator of a popular app that matches buyers and sellers of used goods has gone public.

Mercari's listing on the Tokyo Stock Exchange on Tuesday has become the largest initial public offering this year.

Mercari made its debut on the TSE's Mothers market for start-up firms. The first quotation of its stock was 5,000 yen, or about 45 dollars. That's 67 percent above the IPO price. Its market capitalization exceeded 6 billion dollars.

The company operates what's called a "flea-market app." Mercari has grown rapidly since it was founded 5 years ago...as its marketplace service has proved popular. The app boasts 71 million downloads in Japan.

The company gained the reputation as one of the few Japanese non-listed start-ups with high valuations. Such firms are known abroad as "unicorns."

Mercari officials say they are going to use the funds raised by the listing to expand business at home and abroad.

Source: ANNnewsCH

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