SmartNews said to plan December Tokyo IPO as valuation craters

SmartNews is planning an initial public offering in December at a fraction of its previous valuation, according to people familiar with the matter, a sign of the news aggregator’s business being decimated by artificial intelligence. The Tokyo-based company is seeking a market value of about ¥50 billion ($317 million) in the potential IPO, said the people, who asked not to be identified as the information is private. That compares with a valuation of $2 billion in a Series F funding round in 2021. Deliberations are ongoing, and details such as the timing and valuation could change. A representative of SmartNews…