TOKYO -- Japanese health and cosmetic device developer MTG went public on the Tokyo Stock Exchange on Tuesday, with investors cheering the debut in what has been described as one of Japan's few unicorns.
MTG's stock rose as high as 7,580 yen during the morning session, 31% above its initial public offering price of 5,800 yen after opening up 22%.
Founded in 1996, MTG designs and sells private-brand products in collaboration with universities, medical institutions and celebrities. One of its most successful brands is Sixpad, developed in partnership with Portuguese soccer star Cristiano Ronaldo. The brand’s abdominal muscle-training gear has sold more than 1 million units.
MTG also has the skincare brand MDNA SKIN with U.S. pop star Madonna. Its facial beauty roller device, ReFa, has sold more than 7 million units.
Although MTG’s debut was well-received, it did not make as strong an impression as Mercari, another Japanese unicorn that went public in June. The buy-and-sell app operator opened 67% above its IPO price on June 19 and rose to double the IPO price that same day.