Shares of Appier Group Inc (沛星互動科技), which offers artificial intelligence (AI)-based software, yesterday rose above their listing price in the company’s trading debut on the Tokyo Stock Exchange, proceeding to raise ¥29.8 billion (US$271 million) in an initial public offering (IPO) priced at the top of its marketed range.
The Taiwanese company’s shares were priced at ¥1,600 apiece in the IPO and got a significant bounce at the open, rising as much as 37 percent in early trading before paring gains to close up 19 percent at ¥1,900.
Softbank Group Corp and ASEAN China Investment Fund III were among holders who offered shares, with Masayoshi Son’s firm holding about a 4.4 percent stake, company filings showed.
Photo: Billy H.C. Kwok, Bloomberg
While Tokyo has been attempting to attract more foreign companies amid a broader push to become a financial hub, such listings remain unusual.
Appier is the first firm from Taiwan to list in Tokyo since Trend Micro Inc’s (趨勢科技) debut in 1998, the Nikkei reported.
“Japanese investors have a high acceptance of the artificial intelligence theme and the market accounts for a large part of our revenue,” Appier cofounder and chief executive officer Yu Chih-han (游直翰) said in a news briefing, explaining why the firm chose Japan.
Appier’s debut comes amid a broader sell-off in technology shares as investors rotate out of loftily valued growth stocks into more economically sensitive sectors, such as banking.
Chinese tech names have especially slumped due to a combination of rising interest rates and increased regulatory scrutiny in the US and China.
The listing on the Mothers market follows the debut of Internet giant Baidu Inc (百度) in Hong Kong on Tuesday last week.
“Many software companies opt for the US market because software valuations tend to be higher there, but successful listings in other markets could begin to open up other opportunities for companies to consider,” Bloomberg Intelligence analyst Matthew Kanterman said.
Last week, Appier and shareholders sold 18.6 million shares, after marketing them at ¥1,400, ¥1,500 or ¥1,600 apiece.
Appier said that its AI-based software is used by customers, including Alphabet Inc, Toyota Motor Corp and Estee Lauder Co, to improve profitability.
The company said that it plans to use the proceeds of the share sale to support growth, including funding research and development.
The company had a net loss of ¥1.45 billion on sales of ¥8.97 billion last year.
The offering was led by SMBC Nikko Securities Inc, Bank of America Corp and Mizuho Securities Co.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
UNCERTAINTIES: The world’s biggest chip packager and tester is closely monitoring the US’ tariff policy before making any capacity adjustments, a company official said ASE Technology Holding Inc (日月光投控), the world’s biggest chip packager and tester, yesterday said it is cautiously evaluating new advanced packaging capacity expansion in the US in response to customers’ requests amid uncertainties about the US’ tariff policy. Compared with its semiconductor peers, ASE has been relatively prudent about building new capacity in the US. However, the company is adjusting its global manufacturing footprint expansion after US President Donald Trump announced “reciprocal” tariffs in April, and new import duties targeting semiconductors and other items that are vital to national security. ASE subsidiary Siliconware Precision Industries Co (SPIL, 矽品精密) is participating in Nvidia