Pixie Dust Technologies, a Japanese maker of consumer personal care devices and spatial materials, filed on Wednesday with the SEC to raise up to $19 million in an initial public offering.
The Tokyo, Japan-based company plans to raise $19 million by offering 2 million ADSs at a price range of $9 to $10. At the midpoint of the proposed range, Pixie Dust Technologies would command a market value of $143 million.
Pixie Dust Technologies is focused on developing consumer personal care products and spatial materials through the utilization of mechanobiology and metamaterials. The company has launched three personal care products in Japan over the past six months: SonoRepro, an ultrasonic non-contact vibrotactile stimulation scalp care device; VUEVO, a series of directional voice arrival detection devices for individuals with deaf and hard-of-hearing; and kikippa, an acoustic stimulation device functioning as a speaker. Its products are marketed and sold as personal care products, and are neither marketed nor intended to be used as medical devices. Pixie Dust is also working to develop technologies for sensing and controlling space, and launched iwasemi, a sound-absorbing metamaterial, in Japan in 2022. It conducted a soft launch of selected versions of iwasemi to key professionals in the US in March 2023.
Pixie Dust Technologies was founded in 2017 and booked $4 million in revenue for the 12 months ended October 31, 2022. It plans to list on the Nasdaq under the symbol PXDT. The company filed confidentially on March 8, 2023. Boustead Securities is the sole bookrunner on the deal.
