June 19, 2018 / 12:17 AM / in a year

Mercari, a rare Japanese unicorn, untraded in Tokyo debut

TOKYO, June 19 (Reuters) - Flea market app operator Mercari Inc’s shares were untraded with a glut of buy orders in their Tokyo stock market debut on Tuesday morning, underscoring strong investor appetite for a rare Japanese unicorn.

Mercari had priced its initial public offering at 3,000 yen per share, at the top of an indicative range of 2,700-3,000 yen, valuing the company at $3.7 billion.

A popular smartphone app that allows people to trade used items online, Mercari has been downloaded over 71 million times in Japan and it expects sales to jump 62 percent to 35.8 billion yen ($324 million) this financial year.

Reporting by Sam Nussey; Editing by Stephen Coates

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