ZIGExN, a Japanese internet company that provides searches for jobs and dating, doubled in trading after its IPO.
The company’s shares surged by 158%, closing at 1,550 yen.
ZIGExN is a Tokyo-based company that owns 13 websites, providing multi-site searches for things like jobs, apartments and dating.
They raised 5.13 bn yen ($50.5 m) selling stock at 600 yen in their IPO, according to data from Bloomberg.
Bloomberg spoke to an analyst at Mito Securities Co, Toshiaki Iwasaki, who said: “The strength of ZIGExN is the convenience for users.
“It attracts users with clear goals for what information they want and they can check the information all at one stop.”
ZIGExN’s Chief Executive Officer Joe Hirao yesterday said: “We are aiming to become the largest online company in Japan.”
They recorded sales of $14.2 million for the year ending March 31st, more than doubling from the year before, according to Bloomberg data.
They opened an office in Vietnam in January and plan to expand further overseas in Asia and Africa.
It has been a great year for Japanese companies who have IPO’d, only two of the 44 didn’t gain, and 19 of them gained by 150% or more by the end of the first day of trading.
A stem cell business called ReproCELL Inc grew by 472% when it debuted in June.
Bloomberg reports that around 80 more companies will IPO next year.
ZIGExN was placed 11th in the Deloitte Technology Fast 500 Asia-Pacific Ocean region and was listed in the Red Herring Asia, and Global top 100 companies.