Code	Sector	Market
391A	Real Estate	Main

Date of listing approval	2025/06/26
Expected Date	2025/07/29
Lead Underwriter	AIZAWA SECURITIES GROUP CO., LTD
Description

Listed Shares(total)	190,000
Trading Unit	100
New Shares	150,000
Existing Shares	40,000
Shares Outstanding	PreIPO 1,086,000.00
	PostIPO 1,236,000.00
Paid Up Capital	PreIPO Y99,000,000
	PostIPO Y278,400,000
Expected Pricing Date	2025/07/09
Book Building Start	2025/07/11
Book Building End	2025/07/17
Fix Date	2025/07/18
Offering Starts	2025/07/22
Offering Ends	2025/07/25
Expect Pricing	Y2,520-Y2,600
Notional PER (based on previous period)	3.32-3.43
Notional PER(based on results forecast)	6.48-6.69
Offering Price	Y2,600
Offering Price PER (based on previous period)	6.48-6.69
Offering Price PBR (based on previous period)	0.66
Offering Price PER (based on results forecast)	6.69
Use of Funds Raised

Units:Y1,000

Fiscal Year End:2023/04
	Consolidated	Non-consolidated
Revenue	4,458,758	4,458,826
Current Profit	414,546	399,554
Net Profit	308,461	267,631
Net Assets	3,019,338	2,924,820

Fiscal Year End:2024/04
	Consolidated	Non-consolidated
Revenue	5,532,623	5,532,623
Current Profit	716,286	689,709
Net Profit	478,229	458,466
Net Assets	3,475,998	3,361,716

Fiscal Year End:2025/04
	Consolidated	Non-consolidated
Revenue	5,438,646	-
Current Profit	611,340	-
Net Profit	817,986	-
Net Assets	4,269,179	-

Results Forecast 2026/04
	Consolidated	Non-consolidated
Revenue	5,609,000	-
Current Profit	611,000	-
Net Profit	463,000	-
Net Assets	-	-

Per Share Units:Y1

Fiscal Year End:2023/04
	Consolidated	Non-consolidated
Dividend	20.00
Net Earning	286.01	2,799.57
Equity	248.15	2,711.93

Fiscal Year End:2024/04
	Consolidated	Non-consolidated
Dividend	23.00
Net Earning	443.42	3,222.99
Equity	425.10	3,117.03

Fiscal Year End:2025/04
	Consolidated	Non-consolidated
Dividend	50.00
Net Earning	758.45	3,958.44
Equity	-	-

Fiscal Year End:Results Forecast 2026/04
	Consolidated	Non-consolidated
Dividend	78.00
Net Earning	388.90	-
Equity	-	-

Name	Address

Allocation	Underwriter	Tel
0%	Nomura	03-3211-1811
75%	AIZAWA SECURITIES GROUP CO., LTD	03-3272-3118
4%	SBI SECURITIES Co.,Ltd.	03-5562-7210
4%	SMBC Nikko Securities Inc.	03-5644-3111
4%	Tokai Tokyo Securities Co., Ltd	03-3566-8811
2%	OKASAN SECURITIES GROUP INC	03-3272-2211
2%	Ando Securities Co., Ltd	052-971-1511
2%	Rakuten Securities Holdings, Inc.	03-6406-2681
1%	Matsui Securities Co., Ltd	03-5216-0606
1%	IwaiCosmo Securities Co.,Ltd.	06-6229-2890
1%	Mito Securities Co., Ltd	03-6739-0310
1%	Marusan Securities Co., Ltd	03-3272-5211
1%	Monex, Inc	03-4323-3800
1%	KYOKUTO SECURITIES CO.,LTD	03-3667-9171
1%	Akatsuki Securities,Inc	03-5641-7800