Swat Mobility considering IPO in Japan

Singapore

SWAT Mobility, an on-demand bus service provider, is considering an initial public offering in Japan to bankroll its expansion, according to people with knowledge of the matter.

The Singapore-based startup recently appointed an international auditing firm as it contemplates listing on the Tokyo Stock Exchange, said one of the people, who asked not to be named because the matter is private.

Swat Mobility uses high-precision route-optimising technology to pool multiple passengers. It sees Japan as a promising market for on-demand bus services in the wake of fatal accidents involving elderly drivers, the person said.

A representative of Swat Mobility declined to comment.

The startup counts Toyota Motor among its partners and customers include Mitsui Fudosan and Jupiter Telecommunications, the Japanese cable-TV company known as J:COM.

This year, Swat secured investments from backers led by GB-VII Growth Fund Investment, part of Japanese venture-capital firm Global Brain. Other investors include the University of Tokyo Edge Capital Partners, iGlobe Platinum Fund II and LKJ Capital Japan.

While an IPO in Japan is a preferred path to going public, the firm hasn't ruled out listing in the US through a merger with a special purpose acquisition company, and has been approached by investment bankers, one of the people said.

Swat Mobility currently operates in Singapore, Japan, the Philippines, Thailand, Vietnam, Indonesia and Australia. BLOOMBERG