Shares of Timee Inc., the creator of a unique job-matching app, jumped 14% on their first trading day. The stock closed at ¥1,650 on the Tokyo Stock Exchange’s Growth market, after being sold at ¥1,450, the top of the expected range. This marks Japan’s biggest IPO this year, giving Timee a market value of about ¥157 billion, the largest for any app software company in Japan since 1994.
Japan is facing a severe labor shortage due to a low birthrate, an aging population, and strict immigration rules. Timee’s app helps by matching employers with people looking for short-term jobs, offering more flexibility than traditional part-time or gig jobs like ridesharing.
Although Timee won’t get the $300 million raised from the IPO, as the shares were sold by existing holders like CEO Ryo Ogawa and CyberAgent Inc., the listing is expected to boost its profile. Ogawa plans to expand into new industries like hotels, nursing care, childcare, and manufacturing.
Most of Timee’s clients are in logistics, catering, and retail. Despite competition from companies like Mercari and Recruit Holdings, Timee is seen as a leader in this emerging market. Analysts believe the company could trade at a premium and note that it has gathered significant data, setting it apart from its rivals.
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