SmartNews seeks ¥11.2 billion in Tokyo IPO after 80% valuation cut

What happened: SmartNews is seeking to raise ¥11.2 billion in a Tokyo IPO next month, at a valuation 80% below its 2021 funding round. Key numbers: ¥11.2 billion ($70 million) target raise; 8.1 million shares at an indicative ¥1,390 each; implied market value about ¥43.1 billion versus about ¥219 billion in the F series round; books Why it matters: The deal highlights the struggles of a once highly regarded startup, as the rise of AI as a gateway to news makes its valuation ambitions harder to justify. The debut would add momentum to Japan's IPO market after deals fell to a 13-year low.

SmartNews is seeking to raise ¥11.2 billion in a Tokyo IPO next month, at a valuation 80% below its 2021 funding round.

The deal highlights the struggles of a once highly regarded startup, as the rise of AI as a gateway to news makes its valuation ambitions harder to justify. The debut would add momentum to Japan's IPO market after deals fell to a 13-year low.