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Mercari IPO jumps 77% on Tokyo exchange debut

Shares of Japanese flea market app Mercari Inc. started trading on the Tokyo Stock Exchange June 19.

Mercari was trading at ¥5,300 a share as of 3:00 p.m. Tokyo time, June 19, a 77% increase from its IPO price of ¥3,000 for 135,331,322 shares outstanding, as per Tokyo Stock Exchange data, which showed that the share price soared to as high as ¥6,000 during trading.

In May, the peer-to-peer marketplace app gained approval for a planned IPO on the Tokyo Stock Exchange worth up to ¥117.6 billion.

As of June 18, US$1 was equivalent to ¥110.45.