- Singapore’s on-demand bus service provider Swat Mobility Pte is contemplating an IPO in Japan to finance its expansion, Bloomberg reports.
- The start-up recently appointed an international auditing firm as it considered listing on the Tokyo stock exchange.
- Swat Mobility utilizes high-precision route-optimizing technology to pool multiple passengers. The company considers Japan as a promising market for on-demand bus services amidst fatal accidents involving elderly drivers.
- The start-up considers Toyota Motor Corp (NYSE: TM) among its partners. The company’s customers include Mitsui Fudosan Co Ltd (OTC: MTSFF) (OTC: MTSFY) and Jupiter Telecommunications Co., the Japanese cable-TV company known as J:COM.
- Swat won investments from backers led by GB-VII Growth Fund Investment LP, the University of Tokyo Edge Capital Partners Co., iGlobe Platinum Fund II Pte, and LKJ Capital Japan Ltd.
- The firm has not ruled out the possibilities of a U.S. listing via a merger with a special purpose acquisition company (SPAC). Investment bankers have reportedly approached the company.
- Swat Mobility presently operates in Singapore, Japan, the Philippines, Thailand, Vietnam, Indonesia, and Australia.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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