The Seeking Alpha - Japanese Tech Stock Weekly Update has news on the Mixi.jp IPO via IRG Limited.
Mixi Inc., a Japanese Internet social networking service operator, said it has received approval to list on the Tokyo Stock Exchange's Mothers market. The company said a total of 6,600 shares will be offered to the public in its initial public offering. Of those, 4,500 are newly issued shares and 2,100 are shares currently held in private. The company is planning a public offering of an additional 500 new shares in the event of exceptional demand. The company announced it will offer all the shares through the book-building method. The company expects to net 6.9 billion yen (US$59.5 million) from the IPO. For the current fiscal year through March, the company forecasts a parent pretax profit of 1.7 billion yen (US$14.6 million), a net profit of 986 million yen (US$8.5 million), and revenue of 4.7 billion yen (US$40.5 million). Last fiscal year, the company posted a parent pretax profit of 912 million yen (US$7.8 million), a net profit of 576 million yen (US$5 million), and revenue of 1.8 billion yen (US$15.5 million). Daiwa Securities SMBC is the lead underwriter of the offer.
This is going to be one WHITE HOT IPO because Mixi is really the only game in town right now. Gree is a fraction of the size and doesn't seem to understand what to do to get larger. MySpace Japan is in prep for launch but there's no guarantee that the MySpace model will work in Japan- I would bet against it except for the fact that it's being launched by Softbank, who can lean on Yahoo! Japan for distribution (although Yahoo! Japan's own SNS, Yahoo! Days, which has zero traction (it's a rebrand of 360 which has been a failure for all intents and purposes.)
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