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Mercari's Top-of-Range IPO Mints a New Japanese Billionaire

  • Japan’s biggest offering in two years will raise $1.2 billion
  • Founder Shintaro Yamada owns about a third of company
Shintaro Yamada
Shintaro YamadaPhotographer: Tomohiro Ohsumi/Bloomberg
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Mercari Inc. priced its initial public offering at the top of the range to sell 130.5 billion yen ($1.2 billion) worth of shares, a valuation that’s set to make its 40-year-old founder a billionaire.

The online marketplace plans to sell 43.5 million shares at 3,000 yen apiece, at the top of the targeted range, including the sale of additional shares via a greenshoe allotment, the company said Monday. That puts the fortune of founder Shintaro Yamada, who owns almost a third of the company, at 115 billion yen. The indicated IPO price gives Mercari a market value of 406 billion yen, and the stock will begin trading in Tokyo on June 19.