TOKYO (Reuters) – Shares of Taimi, a startup that runs a platform that connects workers looking for side jobs with companies facing labor shortages, surged about 30 percent on Friday in its Tokyo stock market debut.
The company’s shares opened at 1,850 yen, valuing the company at about $1.1 billion.
Timee app helps users work for periods of up to one hour in restaurants, supermarkets and hotels for quick payment.
Jefferies this week initiated coverage of Timee stock with a buy rating and a ¥2,200 price target, citing a good balance between workers and companies in the service and worker data set.
The initial public offering (IPO) raised approximately $350 million including oversubscription with sellers including CEO Ryo Ogawa.
Reuters was the first to report Taimi’s listing plans.
