Cover Corporation Announces Tokyo Stock Exchange Listing, Other Offering Updates

Cover Corporation, the parent company that handles VTuber agency giant Hololive, has announced that it has been approved for listing in the ‘Growth Market’ category of the Tokyo Stock Exchange (TSE).

• While the investor announcement was made public on February 17, the TSE listing for Cover Corporation will be made public on March 27.
• Cover Corp aims that aside from maintaining its current VTuber agency business, it is also setting eyes on expanding its multifaceted IP business, including development and global expansion of its commerce and metaverse offering.
• The company has expressed gratitude to all of their stakeholders, which have supported them since the company’s founding in 2016.

“We are committed to supporting the creators of unique Japanese strengths such as animation and games by creating and spreading entertainment culture originating in Japan to users all over the world.”

A Breakdown of the Corporate Shares Offering

In a breakdown released in a resolution by Cover Corporation’s board of directors, around 1,500,000 shares of common stock will be released publicly, though the price per share will not be disclosed until a new meeting by the company on March 7. Meanwhile, the issue price will be made public on March 15.

Cover Corp is authorized to issue around 230,000,000 shares, and as of February 17, 61,124,200 shares have been issued which include treasury shares.

• Mitsubishi UFJ Financial Group, Morgan Stanley Securities, and Rakuten Securities are listed as the company’s underwriters, meaning these companies will guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee.
• At the moment, the company has 10,927,400 common shares which will be resold, with stakeholders including companies such as AT-II Investment, Mizuho Financial Group, i-nest Capital, Hakuhodo DY Holdings, Chiba Dojo, OLM Ventures, HTC Vive, among others.

Cover Corp estimates that through the TSE public listing, they would get an estimated ¥955,125,000 (~US$7,122,218.13) in proceeds, which will then be used to improve their distribution technology and to create higher value-added content by utilizing large-scale studios, as well as promote the development of their own IP-oriented commerce business. The remaining funds will then be used for hiring personnel and system development for building the company’s supply chain.

Other Recent Hololive Endeavors

Moreover, chief executive officer Motoaki “Yagoo” Tanigo has expressed interest in collaborating with several brands in the United States, with a public form available to collect recommendations from fans.

Hololive has recently announced the upcoming launch of a new app called “HoloPlus”, which will be made public in spring of 2023. The app will serve as a one-stop hub for fans on the latest news and updates on their favorite Hololive talents, as well as talk with other Hololive fans. The app, which will be available on both Android and iOS, will have an English release after the official Japanese release.

Lastly, details on the upcoming Super Expo 2023 have been released, which will take place on March 18 and 19 at the Makuhari Messe International Exhibition Hall 1-4. Some of the slated activities include a live-viewing of holo*27 stage performances.

Sources: Cover Press Release, Company Resolution, HoloPlus Press Release, Super Expo 2023 Press Release