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(Bloomberg) — SmartNews Inc., a Japanese news aggregation app operator, is considering a Tokyo listing as soon as October for its initial public offering, according to people familiar with the matter.
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The valuation could be lower than its most recent major funding round in 2021, when the company was valued at $2 billion, the people said, asking to not be identified because the information is private. Deliberations are ongoing, and details of the potential IPO — including timing and valuation — could change, particularly given recent market volatility, the people said.
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SmartNews reviews its capital strategy as appropriate, but no decisions have been made at this time, a representative at the company said.
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Investor sentiment toward newly listed stocks remains fragile after Japan’s benchmark Topix fell into a technical correction on Monday as the Iran war boosted oil prices. Japan imports most of its energy needs.
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The weak sentiment is already weighing on Japan’s IPO market, with the number of first-time share sales priced in the first quarter hitting the lowest since 2011, according to data compiled by Bloomberg.
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SmartNews has been working with Mitsubishi UFJ Morgan Stanley Securities Co. and Nomura Holdings Inc. for its listing, and has met global investors to gauge interest, Bloomberg News reported in July.
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Founded in 2012, SmartNews uses algorithms to sift through global content and provides access to news from more than 3,000 media sources. The company also has a user base in the US as the app operator entered the nation’s market in 2014. The company has been bolstering its advertisement business and expanding to a subscription service of selected stories to diversify revenue streams.
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