The cross-border online shopping platform operator is still in the IPO planning stage and the TSE is but one option, co-founder and chief executive officer Sheldon Li said in an interview Thursday.

“Being chosen by the TSE to join the startup hub actually speeds things up for us,” said Li, who added that the company aims to bolster business in Japan as 45% of transactions come from the country.

The TSE Asia Startup Hub programme launched in 2024 as a way to encourage companies from around Asia to list in Tokyo, which has seen its IPO numbers decline. Participating companies stand to receive business development and fundraising assistance alongside support for their share sales and listings, according to the Japan Exchange Group, which operates the exchange.

Japan’s first-time share offerings have raised a meager ¥232 billion (US$1.5 billion) so far this year, the lowest amount for the first nine months since 2022. In contrast, proceeds for Hong Kong, which is in the midst of an IPO boom, were many times higher at US$45 billion over the same period, according to Bloomberg-compiled data.

When asked what the company would use proceeds from an IPO for, Li said: “Building infrastructure is one, and building out the US business is also one huge opportunity for us and we haven’t tapped into it yet.”

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