August 30, 2019 / 9:52 AM / 20 days ago

SoftBank-backed Japan startup Uhuru to raise $50 mln in London IPO before Brexit deadline -source

TOKYO, Aug 30 (Reuters) - SoftBank-backed Japanese startup Uhuru is expected to raise at least 5 billion yen ($50 million) ahead of its listing on London’s junior AIM market on Oct. 23, a source said, just days before Britain’s EU exit deadline on Oct. 31.

The initial public offering will give the startup a valuation exceeding the 30 billion yen achieved at its last fundraising, the source familiar with the matter said, declining to be identified because the information is not public.

While Japan has moved to strengthen its corporate governance in recent years, Uhuru believes becoming the only Japanese firm on the AIM board will better help it attract capital and grow outside Japan, the source said.

Uhuru declined to comment. ($1 = 105.3900 yen) (Reporting by Sam Nussey; Editing by David Dolan)

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