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SYLA Technologies Co., Ltd. (NASDAQ: SYT) reported a 32% increase in net revenue for FY 2022, reaching ¥22,055,785 thousand (~$167.3 million) compared to ¥16,665,382 thousand (~$126.4 million) in FY 2021. Gross profit also rose by 14% to ¥3,603,816 thousand (~$27.3 million).
The successful IPO in March 2023 raised approximately $12.5 million for working capital. As of December 31, 2022, the company had 237,004 members on its crowdfunding platform, Rimawari-kun, and achieved an impressive average occupancy rate of 99.23% for its condominiums.
However, operating expenses climbed to ¥2,825,104 thousand (~$21.4 million), significantly impacting profits. Net income attributable to SYLA was ¥394,955 thousand (~$3 million) or ¥1,650.09 per basic share, reflecting an upward trend from ¥277,489 thousand (~$2.1 million) in the previous year.
SYLA Technologies Co., Ltd. has successfully completed its initial public offering (IPO) of 1,875,000 American Depositary Shares (ADSs) at $8.00 each, generating total gross proceeds of $15 million. After expenses, the net proceeds for the company are approximately $13.7 million. The funds raised will support working capital and may be allocated to investments or strategic collaborations to enhance SYLA's market presence and service development. Trading of the ADSs under the symbol ‘SYT’ commenced on the Nasdaq Capital Market on March 31, 2023. SYLA aims to revolutionize real estate investment in Japan through its platform, Rimawari-kun.
SYLA Technologies Co., Ltd. announced the pricing of its initial public offering of 1,875,000 American Depositary Shares (ADSs) at US$8.00 per ADS, expecting to raise US$15 million. Trading begins on the Nasdaq Capital Market under the symbol SYT on March 31, 2023, with the offering closing anticipated on April 4, 2023. The company granted underwriters a 45-day option to purchase an additional 281,250 ADSs for over-allotments. Proceeds will fund working capital, investments, and strategic growth initiatives. Boustead Securities is acting as the managing underwriter.