Softbank-backed smart start-up Uhuru aims for London listing
SOFTBANK-BACKED start-up Uhuru is pressing ahead with a London float.
The Japanese company’s technology links smart gadgets to the internet. It works with a number of high-profile clients, including Honda, Yamaha and British chipmaker Arm Holdings, which was bought by Softbank for £24.3bn in 2016.
Uhuru is preparing an October flotation on Aim, the Financial Times reported. It plans a formal announcement next month, a source said.
“The London market is very appealing in terms of the amount of capital that can be obtained and the higher profile would give credibility when dealing with global partners,” Takashi Sonoda, Uhuru chief executive, said earlier this year.
Uhuru – Swahili for “freedom” – opened a London office and raised $4.5m (£3.8m) from Softbank last year. The firm believes it is easier to find talent in the UK than in Silicon Valley, despite Brexit uncertainty.
The initial public offering in London would see Uhuru take a different path to other Far East firms, such as Tokyobased messaging service Line, which chose a dual listing in Japan’s capital and in New York in 2016. Secure Design KK was the last Japanese firm to go public in London, in 2006.
Softbank, the Japanese conglomerate fuelling investment in the global technology sector, is preparing to create an “ecosystem” of companies that it backs through its $100bn Vision Fund.
It recently announced its intention to raise funds for a further $108bn Vision Fund that could help accelerate the growth of its investments.
Masayoshi Son, Softbank chief executive and founder, has said that he wishes to launch Vision Funds every two to three years to continue backing technology firms.