Go shares jump in Tokyo debut after $552.6m IPO

au.investing.com

Ride-hailing company Go Inc. shares rose in their Tokyo trading debut on Tuesday following Japan’s largest initial public offering of the year. Go raised 88.6 billion yen, or $552.6 million, in its IPO. The stock climbed as much as 23% from its offering price of ¥2,400 in early trading before pulling back. Shares were up 8.8% after the midday break. The taxi company is backed by investment vehicles affiliated with Goldman Sachs and Japanese telecommunications company NTT Docomo.

BlackRock, Wellington Management Company and M&G Investment Management committed to purchasing shares at the offering price, Go said. The company plans to use the proceeds to fund research and development of its robotaxi business and support expansion efforts, including mergers and acquisitions within and beyond the taxi and ride-hailing industry.

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