akippa operates the parking marketplace “Akippa” and listed on the TSE Standard Market on 18 September. Its implied market capitalization was ¥3.38 billion, and the opening price was ¥1,244, approximately 2.18 times the offer price. The opening price significantly exceeded the upper end of the indicative price range, which had an assumed price of ¥540.
This IPO involved akippa, which operates a platform that enables users to rent out and rent vacant parking spaces via smartphones. The listing date was 18 September (Friday), on the TSE Standard Market. The indicative price was ¥540, the preliminary price range was ¥540 to ¥570, and the opening price was ¥1,244, approximately 2.18 times the offer price. SBI Securities was the lead manager. The bookbuilding period ran from 3 September to 9 September, and the offering period from 11 September to 16 September. The IPO received a C rating in the opening price forecast, with concerns raised about the dispersal of funds among other companies listing on the same day.
akippa uses an asset-light business model that connects parking space owners who want to rent out their spaces with users. Revenue is recorded as the amount remaining after deducting fees from the total parking fees and service charges. Its market share is considered among the largest in Japan, and its take rate is high at 53.7% in principle. It has a high share of event-related usage and is also advancing partnerships with professional sports clubs, while developing parking spaces through its insurance agency network.