May 14, 2018 / 6:28 AM / in 3 months

Japanese marketplace app Mercari launches $1.1 bln IPO

TOKYO, May 14 (Reuters) - Flea market app operator Mercari Inc has received approval for an initial public offering in Tokyo that will raise up to $1.1 billion, a regulatory filing showed on Monday, giving investors a rare chance to buy into a Japanese unicorn.

Mercari, which offers an online marketplace for individuals to trade used items primarily through a smartphone app, will list on the Tokyo Stock Exchange’s Mothers market on June 19, the filing with the Finance Ministry showed.

At Mercari’s indicative price range of 2,200-2,700 yen per share, the company will sell up to 117.6 billion yen ($1.1 billion) in shares and have a market value of 365.4 billion yen ($3.3 billion) upon listing.

The final price will be determined on June 11.

Founded in 2013, the company is a rare example of a Japanese unicorn - a startup with a valuation in excess of $1 billion. ($1 = 109.3100 yen) (Reporting by Chris Gallagher; Editing by Himani Sarkar)

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