Japan\u2019s most popular taxi-hailing provider Go Inc. is planning an initial public offering this year which could raise several hundred million dollars, according to people familiar with the matter.<\/p>\n
The IPO could raise in the range of \u00a550 billion to \u00a580 billion (approximately $300 million and $500 million) and the company is working with banks including Bank of America, Goldman Sachs Group and Nomura Holdings on a possible listing, said the people who asked not to be identified as the information isn\u2019t public. \u00a0<\/p>\n
Discussions on the IPO are ongoing and details such as the target valuation and timing are subject to change, the people said. Representatives for BofA, Goldman, Nomura and Go Inc. declined to comment.\u00a0<\/p>\n
Goldman invested \u00a510 billion in 2023, valuing the company at \u00a5135 billion, according to the company\u2019s president.<\/p>\n
Go runs the most widely used taxi hailing app in Japan in terms of user numbers, according to a survey in 2024 by ICT Research and Consulting. It competes in the country against Uber Technologies, China-based Didi Global and local provider S.Ride, which is owned by Sony Group.<\/p>\n
The offering could provide a much-needed tailwind for the nation\u2019s slowing IPO market, which has had the weakest first quarter since 2022. Enthusiasm for new listings has soured amid a surge in crude oil prices following the U.S.-Israeli attack on Iran.<\/p>\n
Major shareholder DeNA, which holds about a 26% stake, said in February that Go had submitted an application to list on the Tokyo Stock Exchange.\u00a0<\/p>\n
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