Toyota Takes Stake in Tier IV as Autoware Maker Plans Japan IPO
Toyota (TYO:7203) via Toyota Invention Partners is taking a stake in Japanese self-driving systems-focused startup Tier IV, according to the company's securities filing for its planned IPO on the Tokyo Stock Exchange Growth Market.The filing also revealed that Toyota, along with other Japanese corporations that are existing shareholders, entered into a 180-day lock-up agreement following the listing.The other shareholders include SOMPO (TYO:8630), Yamaha Motor (TYO:7272), Suzuki Motor (TYO:7269), Bridgestone (TYO:5108), Mitsubishi Corp. (TYO:8058), Sony Group (TYO:6758) and JR Central.Tier IV develops the open-source Autoware autonomous driving software and offers three core services, namely Mobility, Development, and Solution Services.The IPO is being jointly managed by Mitsubishi UFJ Morgan Stanley, Morgan Stanley MUFG, and SMBC Nikko, with a target listing date between July and December.