Ride-hailing app Go surges on its first trading day, marking Japan's largest IPO of the year

Glonghui, June 16 — Ride-hailing app Go raised 88.6 billion yen (approximately $552.6 million) in its IPO, marking Japan’s largest initial public offering (IPO) so far this year. Go surged on its debut in Tokyo, jumping as much as 23% from its 2,400 yen issue price in early trading before paring some gains. By the end of the midday break, shares were up 8.8%. Founded in 1977, Go began as a taxi operator and has since evolved into Japan’s largest taxi-hailing app. The company plans to use the net proceeds to fund research and development for its autonomous taxi business and support its expansion plans, including mergers and acquisitions both inside and outside the taxi and ride-hailing industry.