Spot work startup Timee shares pop 30% in Tokyo debut
26/07/2024 04:13
TOKYO, July 26 (Reuters) - Shares in startup Timee
215A.T , which operates a platform connecting workers seeking
side gigs with labour-strapped businesses, rose roughly 30% on
Friday in their Tokyo stock market debut.
The shares opened at 1,850 yen, valuing the company at
around $1.1 billion.
Timee's app helps users to work shifts lasting as little as
one hour at restaurants, convenience stores and hotels in return
for quick payment.
Jefferies this week initiated coverage of Timee with a buy
rating and a price target of 2,200 yen, citing the good balance
of workers and companies on the service and pool of worker data.
The initial public offering (IPO) raised roughly $350
million including overallotment with sellers including CEO Ryo
Ogawa.
Timee's listing plans were first reported by Reuters.
(Reporting by Sam Nussey; Editing by Stephen Coates)
((sam.nussey@tr.com;))