Visional Inc., the Japan-based operator of recruitment marketplace BizReach, has raised Y68.2 billion ($631 million U.S.) in the biggest listing on the Mothers Market of the Tokyo Stock Exchange in more than two years, Bloomberg reported.
Tokyo-based BizReach is a membership-based recruitment marketplace that connects highly-skilled workers to companies in Japan and abroad.
“It’s a very well-known name and there’s anticipation that it’s finally listing,” said Katsumi Udagawa, manager of research at Ichiyoshi Securities Co. “As there’s likely to be a shortage of highly-skilled professionals when activity resumes after the pandemic subsides, it’s also a good move for investors.”
With market value of Y259 billion, the company was the fourth-largest on the Mothers startup board, just after job site operators En-Japan Inc. and Dip Corp. Recruit Holdings, which run top job sites in Japan and overseas markets.
Visional forecasts operating profit to fall to Y960 million, just about half its current number, for the fiscal year ending in July despite a 3% increase in sales at Y27 billion.
The falling profitability is attributed to loss-making businesses that are currently at developing stages and need growth investment. The company last year shut down a student-focused job board 29Reach.com. However, it also teamed up with Yahoo Japan to operate a job search site.