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Japanese bazaar app Mercari approved for ¥117.6B IPO

Japanese peer-to-peer marketplace app Mercari Inc. won approval for a planned IPO on the Tokyo Stock Exchange worth up to ¥117.6 billion, according to a May 14 Japanese regulatory filing.

The flea market app operator is set to list on the TSE's Mothers market starting June 19. The indicative price range is ¥2,200 to ¥2,700 per share, with final pricing to be determined June 11.

Mercari plans to sell 43,554,800 shares in the public offering, which could raise as much as ¥117.6 billion. Upon listing, the company will have a total of 135,331,322 shares outstanding, giving it a market cap of up to ¥365.39 billion.

Founded in 2013, Mercari has operations in Japan, the U.S. and the U.K. The company said its app, which allows people to trade used products online, has been downloaded more than 100 million times worldwide and has over 100,000 new items listed on a daily basis.

As of May 11, US$1 was equivalent to ¥109.40.