Davis Polk advised PLAID, Inc., a Japan-based SaaS customer experience (CX) solutions provider, in connection with its initial public offering of 14,339,000 shares of common stock and Tokyo Stock Exchange listing.
The shares were sold by multiple shareholders including JAPAN VENTURES I L.P., Femto Growth Capital LPS, Femto Startup LLP, Femto Growth Fund 2.0 LPS and the company’s founders. The Japanese underwriters have an over-allotment option with respect to 716,000 shares. The global offering consisted of an offering in Japan and an international offering outside Japan pursuant to Rule 144A and Regulation S. The shares are listed on the Tokyo Stock Exchange. Assuming full exercise of the over-allotment option, the aggregate proceeds of the global offering will be approximately ¥24.1 billion (approximately $231.6 million).
PLAID, Inc. is a leading provider of SaaS CX solutions in Japan. Its suite of KARTE-branded products and solutions provides a differentiated one-stop platform that empowers organizations of all types, industries and sizes to enhance their digital CX and marketing efficiency by enabling them to deliver dynamic, context-driven and personalized experiences to their online customers informed by real-time analysis of onsite activity. This is the first IPO of its kind in this specialized sector in Japan.
The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associates Chihiro Sasaki, Mari Foster and Paul Lee. Counsel Alon Gurfinkel and associate Veronica Davis provided tax advice. Associate Brantley Hawkins provided ’40 Act advice. Members of the Davis Polk team are based in the Tokyo, New York and London offices.