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Japanese unicorn Mercari's market cap seen reaching $3.6bn

Flea market app operator raises IPO target price on firm demand

Investors at home and abroad are bullish on Mercari's growth prospects. (Photo by Satoshi Morotomi)

TOKYO -- Japanese flea market app operator Mercari has raised the estimated price for its initial public offering this month amid keen investor interest in a Japanese unicorn, bringing its market valuation as high as $3.64 billion.

The startup said Friday it has set the indicative prices for book-building at between 2,700 yen and 3,000 yen, up from the originally planned 2,200 yen to 2,700 yen. A debut at the top end of the new range would put Mercari's market cap at more than 400 billion yen, or $3.64 billion -- far above the threshold for unicorns, which are startup companies valued in excess of $1 billion.

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