Japanese streetwear firm Human Made, founded by designer Nigo, priced its initial public offering on the Tokyo Stock Exchange at the top of its marketed range of ¥3,130 per share. The IPO, involving sales from existing shareholders including Nigo and Pharrell Williams, raised ¥17.8 billion ($115 million). Trading is set to begin on November 27.
Human Made, a Japanese streetwear brand founded by celebrity designer Nigo—who also created A Bathing Ape and now serves as top designer at LVMH-owned Kenzo—priced its initial public offering at ¥3,130 per share, according to a regulatory filing on Monday. The deal included sales of shares from existing shareholders like Nigo and Pharrell Williams, raising ¥17.8 billion ($115 million) in total. New shares were issued to fund openings of stores in Japan and investments in e-commerce.
The IPO was oversubscribed more than 10 times on the day after investor orders began, valuing the company at ¥71.7 billion. It drew global investors such as MY.Alpha Management HK Advisors and Asset Management One. Hong Jie Seow, an analyst at Aequitas Research, said in a report last week: “Part of the valuation premium of Human Made, compared to its peers, can probably be justified” due to stronger revenue growth and higher profitability. The company has succeeded in both local and overseas Asian markets.
The listing coincides with a resurgence in interest for Japanese pop culture, driven by anime and video games, which has boosted tourism and retail sales amid a weak yen. The stock is expected to begin trading on November 27 on the Tokyo bourse, with Nomura Holdings and Mizuho Financial Group as arrangers.