Autonomous driving tech firm TIER IV in landmark Japan IPO
Anderson Mori & Tomotsune, Mori Hamada & Matsumoto and Skadden Arps Slate Meagher & Flom have advised on TIER IV’s JPY23.2 billion (USD141 million) global IPO and listing on the Tokyo Stock Exchange. It is the first listing in Japan by a company dedicated exclusively to the development of autonomous driving technology.
Anderson Mori & Tomotsune acted for TIER IV on a wide range of regulatory and compliance matters, with partners Yasunari Fuke, Hiroto Ando, and Wataru Shimizu leading the team.
“These included compliance with the Companies Act, the Financial Instruments and Exchange Act, and the Tokyo Stock Exchange regulations applicable to IPOs. In addition, we advised on legal and regulatory issues relating to autonomous driving technology, with a particular focus on ensuring that the company’s disclosures appropriately enhanced investors’ understanding of the relevant business and regulatory landscape,” Ando told Asia Business Law Journal.
Fuke said a key highlight of the listing was its significance as a market first.
“A key highlight of the matter was that this was the first listing in Japan by a company dedicated exclusively to the development of autonomous driving technology. One of the principal challenges was addressing the novel legal and regulatory considerations surrounding autonomous driving and reflecting them appropriately in the disclosure materials in the context of a pioneering IPO,” he said.
Skadden also advised TIER IV, with the firm’s team comprising partners Kenji Taneda, head of the Tokyo office, Ken Kiyota and Nazmiye Anna Gökçebay, as well as associate Spencer Rauner.
Mori Hamada & Matsumoto, spearheaded by Tokyo-based partner Toshimitsu Nemoto, served as Japanese counsel to the underwriters.
Headquartered in Tokyo, TIER IV develops advanced self-driving systems and is the creator of Autoware, an open-source software for autonomous vehicles.
