Jafco-backed Ride On Express files for Japan IPO

According to a release, the company plans to sell 1.04 million shares, includiing 250,000 new shares, when it lists of on the Mothers (market of the high-growth and emerging stocks) section of the Tokyo Stock Exchange in December.

Jafco holds a 34% stake in the company through two separate vehicles under the Jafco V2 Series Fund, which reached a final close of around JPY95 billion ($950 million) in 2005.

Ride On Express, which rebranded from Restaurant Express earlier this year, was set up in 2001 and runs six food delivery chains in Japan, including Curry Carry Delivery Shop and Gin No Saru sushi delivery. The company also operates a non food-related website called Little Artist, which offers an online framing services for children's artwork.

Ride On Express employs around 2,000 people and has JPY460 million in capital. It reported JPY16 billion in revenue for the last financial year and JPY227 million net profit, down from JPY230 million the previous year.

This is not the only Jafco-backed firm in the food delivery space. In August the firm invested JPY1 billion in Star Festival, the start-up behind lunchbox delivery and catering site Gochikuru.com.

Jafco has seen two other portfolio companies go public in Tokyo in recent weeks. On October 8, energy resources management firm Eneres - which was also backed by Daiwa Corporate Investment - raised JPY2.5 billion, while four days prior to that human resources benefits service provider Value HR, also backed by Nissay Capital, raised JPY828 million.

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