Micware, a Japan-based developer of automotive infotainment and navigation software, raised $23 million by offering 2.9 million ADSs at $8, within the $7 to $9 range. The company originally filed to offer 3.8 million ADSs at $7 to $9, before it decreased the offering to 2.2 million ADSs this past April.
Micware is a Japan-based provider of software development and IT solutions focused on the automotive and mobility sectors. The company primarily develops in-vehicle infotainment (IVI) systems that support multimedia, navigation, human–machine interfaces, telematics, and driver assistance functions. It also develops navigation software and location-based services used in vehicles and smartphone applications. Founded in 2003, the company operates across Japan with additional subsidiaries in the U.S., Thailand, and Germany, and generates revenue primarily from software-defined vehicle systems, location-based services, and overseas software development services.
The Kobe, Japan-based company will trade on the Nasdaq under the symbol MWC. A.G.P. acted as sole bookrunner on the deal.
