GATES GROUP, which purchases and resells condominiums and solar power generation facilities in Japan, filed an amendment on Wednesday disclosing that it would pursue a direct listing on the Nasdaq rather than a traditional IPO. The shares of common stock listed will be sold by existing shareholders. The company did not disclose initial tradeable float or the anticipated timing of its listing.
The Tokyo, Japan-based company previously planned to raise $6 million by offering 1 million shares at a price range of $5.50 to $6.50. At the midpoint, it would have commanded a market value of $163 million.
GATES GROUP is a Japanese real estate company focused on the purchase and resale of, and provision of services to condominiums and solar power generation facilities. Its primary customers are real estate sales companies, as well as individual investors.
GATES GROUP was founded in 2011 and booked $145 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol GTSG. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, D. Boral Capital will serve as a financial advisor.
