Brand enablement platform AnyMind said on Friday that it will withdraw its planned initial public offering scheduled for March 30 on the Tokyo Stock Exchange, as the Japan market has been hit hard while Russia’s invasion of Ukraine unfolds.
The listing was estimated to be worth JPY 9.98 billion (USD 85 million) with an over-allotment option, per local publication Diamond. The listing would have made AnyMind the company of its kind with a Southeast Asian focus to go public in Japan.
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The Tokyo-headquartered firm said in a statement that it will cancel the issuance of shares and subscription and secondary offering of shares, as well as retract its application for the listing. The company added that the decision was made due to “the situation in Ukraine, stock market trends, and other various circumstances.”
“The company plans to make a comprehensive decision on the resumption of listing procedures in the future, based on an assessment of trends in the stock market and other factors,” the statement read.
Founded by Japanese nationals Kosuke Sogo and Otohiko Kozutsumi in April 2016, AnyMind started as a marketing tech platform called AdAsia Holdings. At present, the firm offers business solutions to influencers, including marketing services, data analytics, manufacturing, and sales. It operates in 13 countries, including most of Southeast Asia, China, Japan, India, and the United Arab Emirates.
News about the scuttled IPO comes four days after Japan’s top online bank, SBI Sumishin Net Bank delayed its USD 1.2 billion IPO scheduled for March 24. The bank, equally owned by Sumitomo Mitsui Trust Bank and online broker SBI Holdings, would have been the first digital bank to go public in Japan, per Reuters.
Russia’s invasion of Ukraine has negatively impacted some Asian economies via climbing energy and commodities prices. Japan’s Nikkei index, which tracks stocks on the Tokyo Stock Exchange, reached a 16-month low on Wednesday after the US applied sanctions on Russian banks, per Reuters.