Tokyo-based fashion item rental startup AirCloset announced that its IPO application to list on the Tokyo Stock Exchange had been approved.
The company will be listed on the TSE Growth Market on July 29 with plans to offer 733,000 shares for public subscription and to sell 130,000 shares in over-allotment options for a total of 136,700 shares. The underwriting will be led by Mizuho Securities while AirCloset’s ticker code will be 9557.
Its share price range will be released on July 11 with bookbuilding scheduled to start on July 12 and pricing on July 19. The final public offering price will be determined on July 20.
Based on the company’s estimated issue price is 870 yen (about $6.5) per share, its market cap is approximately 6.4 billion yen (about $47.5 million). According to its consolidated statement as of June of 2021, the company posted revenue of 2.89 billion yen ($21.4 million) with an ordinary profit of 29.35 million yen ($217,000).
Since its launch back in July of 2014, AirCloset has been offering a variety of fashion item rental services. Starting with a monthly subscription-based service delivering outfits coordinated by professional stylists, the company launched a physcal store in October of 2016 followed by a monthly subscription-based rental mall service back in April of 2020.
Led by founder and CEO Satoshi Amanuma (17.8%), the company’s major shareholders include Monoful Pte. Ltd. (14.28%), Terrada Warehouse (10.92%), Sumitomo Corporation (10.3%, TSE: 8053) , SIG Asia Fund IV, LLLP (10.30%), Jafco (8.75%, TSE: 8595), managing director Yusuke Maekawa (4.01%), Samurai Incubate (3.50%), managing director Shoichi Kotani (2.06%), SMBC Venture Capital (2.06%), and Nakazono Holdings (2.04%, operator of “White Kyubin” laundry shop chain).