SYLA Technologies (SYT), a Japanese real estate developer, priced its micro-cap IPO at $8.00 – the price in the prospectus – on the full 1.875 million American Depositary Shares (ADS) in its SEC filing. The IPO raised $15.0 million. SYLA’s ADS began trading at 11:22 a.m. EDT today (Friday, March 31, 2023) on the NASDAQ with a flat performance – opening at $8.00 on volume of 50,114 shares.
Boustead Securities was the sole book-runner.
SYLA Technologies’ IPO was among four deals – three small IPOs and one modest NYSE uplisting – priced on Thursday night (March 30, 2023). Bankers raised $85.4 million from those four deals.
Based in Tokyo, SYLA Technologies is a real estate developer that runs a real estate crowdfunding platform to help individuals buy and sell real estate. The company’s goal is to help individuals invest with a strategy to meet their needs if they live to be 100 – a nod to the increasing number of centenarians in Japan.
SYLA Technologies is also involved in asset management, including the leasing, brokerage and management of real estate, in a business that caters to corporate investors, institutional investors and high net worth individuals.
Its other business ventures include the construction, operation and maintenance of solar power plants, the prospectus says.
SYLA Technologies exited its crypto-focused business of developing computers with crypto mining capabilities as of Dec. 30, 2022, citing the deterioration of the crypto business, according to an F-1/A filing dated Jan. 30, 2023.
For the 12 months that ended June 30, 2022, SYLA Technologies earned net income of $3.11 million on revenue of $140.28 million.
Another Japanese real estate developer, Lead Real Co. Ltd. (LRE proposed), postponed its micro-cap IPO on Thursday, hours ahead of its pricing, which had been scheduled for after the market’s close. This IPO was among several micro-cap deals that were put on hold in mid-September 2022 when NASDAQ increased its scrutiny of extremely small IPOs. EF Hutton had recently succeeded Network 1 Financial Securities as the sole book-runner on this IPO.
Lead Real Estate Co. develops luxury single-family homes for wealthy families in Tokyo and Yokohama, as well as condominiums for mostly corporate clients in Japan. Lead Real Estate also operates hotels in Tokyo. Its overseas business includes condos and apartments in Dallas, Texas.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
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