Globis, Intel-backed V-Cube raises $43m in Tokyo IPO

The firm - which listed on the Mothers (market of the high-growth and emergin stocks) section of the Tokyo Stock Exchange - sold 1.34 million shares, including 600,000 new shares, at JPY3,300 apiece. The issue represents just under 31.2% of the company's outstanding shares post-IPO.

Intel Capital first invested in the company in November 2009 while Globis made its first investment in the company in August 2011 through Globis Fund III, a $184 million vehicle that reached a final close in 2006.

Prior to the IPO, Intel and Globis owned 16.91% and 11.52%, respectively, of the company. According to a regulatory filing, their stakes have now fallen to 9.89% and 7.01%.

V-Cube was established in 1998 as a B2B IT solutions firm. Its flagship service is to provide web-based video conferencing to corporate users through cloud and on-premises licenses. Users are able to engage in video, audio, chat, document sharing and telephone conferencing via an all-in-one browser interface across operating systems including smart phones and tablets.

According the IPO prospectus, V-Cube reported JPY1.7 billion in revenue and JPY89 million in profit for the year ended September.

This is the third VC-backed IPO on the Mothers section in a little over a week. On Monday, Oncolys Pharma - which is backed by Nippon Venture Capital and Ibis Capital Partners - raised JPY6.6 billion. Prior to that Ride On Express, a Japanese food delivery franchise operator backed by Jafco Ventures, raised JPY2.3 billion.

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• Topics
• North Asia
• Venture
• Technology
• Exits
• Technology
• Japan
• IPO
• Globis Capital Partners
• Intel Capital