Micware Co closes upsized IPO raising $22.8 million on NASDAQ

Micware Co., Ltd. (NASDAQ: MWC) closed its upsized initial public offering of 2,850,000 American Depositary Shares at $8.00 per ADS on May 15, 2026, according to a company statement. The Japan-based automotive software provider raised gross proceeds of $22.8 million before underwriting fees and expenses.

The company's ADSs began trading on the Nasdaq Global Market on May 14, 2026. Each ADS represents one ordinary share of Micware. A.G.P./Alliance Global Partners served as the sole book-running manager for the offering.

Micware granted underwriters a 45-day option to purchase up to 427,500 additional ADSs to cover over-allotments at the public offering price, less underwriting discounts.

The company plans to use proceeds for its Dynamic Street Map & Market Place project and expansion of its proprietary in-vehicle infotainment software platform, micAuto-PF. Additional funds will support general corporate purposes, strategic investments in Software Defined Vehicles and Location-Based Services segments, and marketing activities.

Founded in 2003, Micware develops software for automotive and mobility sectors, including IVI systems covering multimedia, navigation, human machine interface, telematics, and driver assistance. The company maintains relationships with major Japanese automakers including Honda Motor Co., Ltd. and Toyota Motor Corporation.

According to a Frost & Sullivan report commissioned by the company, Micware ranked ninth among Japan-based Tier 1 suppliers in the IVI market by revenue as of February 28, 2024. The company operates through six entities and 12 branch offices in Japan, with subsidiaries in the United States, Thailand, and Germany.

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