Spot work startup Timee shares pop 30% in Tokyo debut

TOKYO (Reuters) – Shares in startup Timee, which operates a platform connecting workers seeking side gigs with labour-strapped businesses, rose roughly 30% on Friday in their Tokyo stock market debut.

The shares opened at 1,850 yen, valuing the company at around $1.1 billion.

Timee’s app helps users to work shifts lasting as little as one hour at restaurants, convenience stores and hotels in return for quick payment.

Jefferies this week initiated coverage of Timee with a buy rating and a price target of 2,200 yen, citing the good balance of workers and companies on the service and pool of worker data.

The initial public offering (IPO) raised roughly $350 million including overallotment with sellers including CEO Ryo Ogawa.

Timee’s listing plans were first reported by Reuters.