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.

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