JAFCO-backed ZIGExN raises $58m in Tokyo IPO
ZIGExN, a JAFCO portfolio company that runs network of search engine websites, saw its stock more than double to JPY1750 on its first day of trading following a JPY5.8 billion ($58 million) Tokyo IPO.
The firm - which listed on the Mothers (market of the high-growth and emerging stocks) section of the Tokyo Stock Exchange - sold 9.8 million shares, including 1 million new shares, priced at JPY600 apiece. The issue represents just below 20% of the company's outstanding shares post-IPO.
Prior to the IPO, JAFCO held just over 23% of the company, through its JAFCO Super V-3 Series fund, a JPY107.6 billion vehicle which reached a final close in 2007.
Set up in 2006, ZIGExN styles itself as a "life media platform" and hosts a network of 18 lifestyle-related search sites including a job search site, a property rental database, a car insurance comparison site and a wedding services comparison site.
This the third company backed by JAFCO to list on the Mothers section this month, the others being casual clothing retailer Anap and electronic content distributor Media Do, which raised JPY540 million and JPY1.2 billion, respectively.
Nomura served as the lead underwriter for the offering.
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