Code	Sector	Market
402A	Transportation Equipment	Growth

Date of listing approval	2025/07/10
Expected Date	2025/08/13
Lead Underwriter	SMBC Nikko Securities Inc.
Description

Listed Shares(total)	23,000,000
Trading Unit	100
New Shares	20,660,900
Existing Shares	2,339,100（only O.A.）
Shares Outstanding	PreIPO 43,390,000.00
	PostIPO 64,050,900.00
Paid Up Capital	PreIPO Y100,000,000
	PostIPO Y2,288,852,500
Expected Pricing Date	2025/07/25
Book Building Start	2025/07/28
Book Building End	2025/08/01
Fix Date	2025/08/04
Offering Starts	2025/08/05
Offering Ends	2025/08/08
Expect Pricing	Y345-Y375
Notional PER (based on previous period)	-4.02--4.37
Notional PER(based on results forecast)	-5.33--5.79
Offering Price	Y375
Offering Price PER (based on previous period)	-5.33--5.79
Offering Price PBR (based on previous period)	-1.76
Offering Price PER (based on results forecast)	-5.79
Use of Funds Raised

Units:Y1,000

Fiscal Year End:2022/05
	Consolidated	Non-consolidated
Revenue	411,222	234,228
Current Profit	-1,093,797	-2,565
Net Profit	-1,677,267	-2,950,494
Net Assets	2,325,535	2,325,535

Fiscal Year End:2023/05
	Consolidated	Non-consolidated
Revenue	1,313,609	333,192
Current Profit	-1,330,384	31,501
Net Profit	-1,342,316	-1,342,316
Net Assets	1,910,309	1,910,309

Fiscal Year End:2024/05
	Consolidated	Non-consolidated
Revenue	2,110,676	407,972
Current Profit	-2,509,711	36,805
Net Profit	-3,174,278	-3,174,278
Net Assets	4,976,627	4,976,627

Recent Quarter 2025/02
	Consolidated	Non-consolidated
Revenue	1,234,519	-
Current Profit	-994,990	-
Net Profit	-1,066,889	-
Net Assets	3,911,858	-

Results Forecast 2026/05
	Consolidated	Non-consolidated
Revenue	3,646,000	-
Current Profit	-3,876,000	-
Net Profit	-3,879,000	-
Net Assets	-	-

Per Share Units:Y1

Fiscal Year End:2022/05
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-55.29	-156.29
Equity	-97.26	-156.29

Fiscal Year End:2023/05
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-43.75	-187.68
Equity	-43.75	-187.68

Fiscal Year End:2024/05
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-85.72	-213.36
Equity	-85.72	-213.36

Fiscal Year End:Results Forecast 2026/05
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-64.73	-
Equity	-	-

■Over allotment(1,455,600→2,339,100)

Name	Address

Allocation	Underwriter	Tel
0%	Nomura	03-3211-1811
87.1%	SMBC Nikko Securities Inc.	03-5644-3111
7.7%	Daiwa Securities Co. Ltd	03-5555-2111
2.2%	SBI SECURITIES Co.,Ltd.	03-5562-7210
2.2%	Mizuho Securities Co., Ltd	03-5208-3210
0.4%	Tokai Tokyo Securities Co., Ltd	03-3566-8811
0.4%	KYOKUTO SECURITIES CO.,LTD	03-3667-9171