Code	Sector	Market
436A	Communications	Growth

Date of listing approval	2025/09/18
Expected Date	2025/10/23
Lead Underwriter	Daiwa Securities Co. Ltd
Description

Listed Shares(total)	3,077,600
Trading Unit	100
New Shares	781,900
Existing Shares	2,295,700（incl. O.A.）
Shares Outstanding	PreIPO 15,000,150.00
	PostIPO 15,782,050.00
Paid Up Capital	PreIPO Y100,000,000
	PostIPO Y596,350,120
Expected Pricing Date	2025/10/06
Book Building Start	2025/10/07
Book Building End	2025/10/14
Fix Date	2025/10/15
Offering Starts	2025/10/16
Offering Ends	2025/10/21
Expect Pricing	Y1,300-Y1,380
Notional PER (based on previous period)	23.67-25.13
Notional PER(based on results forecast)	20.01-21.24
Offering Price	Y1,380
Offering Price PER (based on previous period)	20.01-21.24
Offering Price PBR (based on previous period)	9.01
Offering Price PER (based on results forecast)	21.24
Use of Funds Raised

Units:Y1,000

Fiscal Year End:2023/04
	Consolidated	Non-consolidated
Revenue	-	1,500
Current Profit	-	-58,686
Net Profit	-	-59,002
Net Assets	-	922,738

Fiscal Year End:2024/04
	Consolidated	Non-consolidated
Revenue	-	2,748,370
Current Profit	-	857,902
Net Profit	-	551,749
Net Assets	-	1,473,703

Fiscal Year End:2025/04
	Consolidated	Non-consolidated
Revenue	-	3,126,231
Current Profit	-	1,192,324
Net Profit	-	823,833
Net Assets	-	2,298,321

Recent Quarter 2025/07
	Consolidated	Non-consolidated
Revenue	-	875,935
Current Profit	-	362,773
Net Profit	-	258,602
Net Assets	-	2,685,301

Results Forecast 2026/04
	Consolidated	Non-consolidated
Revenue	-	3,566,000
Current Profit	-	1,484,000
Net Profit	-	1,000,000
Net Assets	-	-

Per Share Units:Y1

Fiscal Year End:2023/04
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	-3.93	62.73

Fiscal Year End:2024/04
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	36.78	98.25

Fiscal Year End:2025/04
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	54.92	153.22

Fiscal Year End:Recent Quarter 2025/07
	Consolidated	Non-consolidated
Dividend
Net Earning	-	17.24
Equity	-	-

Fiscal Year End:Results Forecast 2026/04
	Consolidated	Non-consolidated
Dividend	32.00
Net Earning	-	64.97
Equity	-	-

■Over allotment（401,400）

Name	Address

Allocation	Underwriter	Tel
0%	Nomura	03-3211-1811
96%	Daiwa Securities Co. Ltd	03-5555-2111
1%	Marusan Securities Co., Ltd	03-3272-5211
0.7%	SBI SECURITIES Co.,Ltd.	03-5562-7210
0.5%	IwaiCosmo Securities Co.,Ltd.	06-6229-2890
0.3%	OKASAN SECURITIES GROUP INC	03-3272-2211
0.3%	Monex, Inc	03-4323-3800
0.3%	Rakuten Securities Holdings, Inc.	03-6406-2681
0.2%	Akatsuki Securities,Inc	03-5641-7800
0.2%	SMBC Nikko Securities Inc.	03-5644-3111
0.2%	Tokai Tokyo Securities Co., Ltd	03-3566-8811
0.2%	Matsui Securities Co., Ltd	03-5216-0606
0.1%	Hirota	06-6201-1181