Fintech Startup Finatext Has Worst Tokyo Debut in Two Decades
- Trading infrastructure firm slumps 35% on first day of trading
- Firm provides brokerage infrastructure, trading apps
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Finatext Holdings Ltd., a Japanese fintech startup that provides stock trading apps and brokerage infrastructure, slumped on its first day of trading in Tokyo, with shares falling 35% below the issue price.
Having raised nearly 20 billion yen ($175 million) in an offering that was priced at the top of its advertised range, got off to a bad start -- the biggest first-day decline in more than two decades for a company that raised at least $150 million. Daiwa Securities Co. and Mitsubishi UFJ Morgan Stanley Securities Co. were the lead managers for the listing.