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Micware Co., Ltd. is a Japan-based provider of software development services and IT solutions focused on automotive and mobility sectors, specializing in IVI systems covering multimedia, navigation, HMI, telematics, and driver assistance, as well as navigation software and location-based smartphone apps. Founded in 2003, it operates through six Japanese entities and 12 branch offices, with subsidiaries in the U.S., Thailand, and Germany. Revenue is disaggregated into software development services (78.6% for six months ended August 31, 2025), licensing (14.3%), and other services (7.1%), totaling JPY10,261.1 million (US$69.9 million) for that period, up 7.7% YoY. For FY ended February 28, 2025, revenue was JPY21,119.3 million (US$140.2 million), up 20.6% YoY, with net income of JPY1,330.6 million (US$8.8 million). The company is offering 3,750,000 ADSs (each representing one Ordinary Share) at $7.00-$9.00 per ADS (midpoint $8.00), expecting net proceeds of ~$25.1 million (or $29.3 million if over-allotment exercised), primarily for DSMM project and micAuto-PF expansion (44%), general corporate purposes (36%), strategic investments (12%), and marketing (8%). Micware is going public to fund growth from IVI Tier 1 supplier to SDV Tier 1, leveraging proprietary platforms, OEM partnerships (Toyota, Honda as shareholders), and digital mapping innovations amid rising SDV demand.
Shares Offered
125,320,000
Issuer Type
Shares Offered
3,750,000
Offering Amount
$30 million (midpoint)
Price Range
$7.00 to $9.00
Share Type
American Depositary Shares representing Ordinary Shares
Exchange
Nasdaq
Ticker
MWC
Use of Proceeds: 44% DSMM project and micAuto-PF expansion; 36% general corporate; 12% strategic investments in SDV/LBS; 8% marketing/advertising
Japan-based provider of software development services and innovative IT solutions mainly focused on the automotive and mobility sectors, specializing in IVI systems and navigation software.