Japanese blockchain developer EarlyWorks files for $16M US IPO

Japanese blockchain developer EarlyWorks (ELWS) has filed for a $16M US initial public offering.

EarlyWorks didn’t specify in its filing the number or price of the American Depositary Shares it intends to offer. However, the company indicated in an attached filing fee schedule that it was looking to raise up to $16M.

The tech company hopes to list its shares on Nasdaq under the symbol ELWS. Univest is serving as lead bookrunner.

EarlyWorks has been operating in the red. For the fiscal year ended April 30, it reported a net loss of $4.6M on operating revenue of $3.6M.

Based in Tokyo, EarlyWorks has developed a proprietary blockchain technology called the Grid Ledger System that can be used for a variety of business purposes. The company has been particularly focused on developing blockchain technology for more secure high-speed data processing.

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