Japanese robo-adviser WealthNavi Inc. debuted on the Tokyo Stock Exchange on Tuesday in one of the biggest initial public offerings on the bourse this year.
The wealth management platform jumped about 50% at the open from its IPO price of ¥1,150. The firm raised ¥17.9 billion ($173 million). With a market value of ¥52 billion, it is among the largest of the nearly 100 listings in Tokyo in 2020, despite being just five years old.
WealthNavi is banking on providing an inexpensive asset management platform with a low barrier of entry in a market where retail investment is growing. Authorities have been promoting personal investment to make up for feared shortfalls in pension funds, with vast numbers of the population set to retire over the coming decades.