Code	Sector	Market
275A	Construction	Next

Date of listing approval	2025/10/09
Expected Date	2025/11/17
Lead Underwriter	Phillip Securities Japan
Description

Listed Shares(total)	437,000
Trading Unit	100
New Shares	380,000
Existing Shares	57,000（only O.A.）
Shares Outstanding	PreIPO 2,000,000.00
	PostIPO 2,380,000.00
Paid Up Capital	PreIPO Y30,000,000
	PostIPO Y77,196,000
Expected Pricing Date	2025/10/29
Book Building Start	2025/10/30
Book Building End	2025/11/06
Fix Date	2025/11/07
Offering Starts	2025/11/10
Offering Ends	2025/11/13
Expect Pricing	Y250-Y270
Notional PER (based on previous period)	41.05-44.33
Notional PER(based on results forecast)	6.60-7.12
Offering Price	Y270
Offering Price PER (based on previous period)	6.60-7.12
Offering Price PBR (based on previous period)	10.10
Offering Price PER (based on results forecast)	7.12
Use of Funds Raised

Units:Y1,000

Fiscal Year End:2023/02
	Consolidated	Non-consolidated
Revenue	-	1,907,191
Current Profit	-	16,456
Net Profit	-	3,641
Net Assets	-	91,028

Fiscal Year End:2024/02
	Consolidated	Non-consolidated
Revenue	-	1,626,150
Current Profit	-	-73,624
Net Profit	-	-49,734
Net Assets	-	41,293

Fiscal Year End:2025/02
	Consolidated	Non-consolidated
Revenue	-	1,865,962
Current Profit	-	17,119
Net Profit	-	12,171
Net Assets	-	53,465

Recent Quarter 2025/08
	Consolidated	Non-consolidated
Revenue	-	1,201,384
Current Profit	-	95,596
Net Profit	-	63,888
Net Assets	-	117,354

Results Forecast 2026/02
	Consolidated	Non-consolidated
Revenue	-	2,286,000
Current Profit	-	113,000
Net Profit	-	75,000
Net Assets	-	-

Per Share Units:Y1

Fiscal Year End:2023/02
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	1.82	45.51

Fiscal Year End:2024/02
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	-24.87	20.65

Fiscal Year End:2025/02
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	6.09	26.73

Fiscal Year End:Interim Results 2025/08
	Consolidated	Non-consolidated
Dividend
Net Earning	-	31.94
Equity	-	58.68

Fiscal Year End:Results Forecast 2026/02
	Consolidated	Non-consolidated
Dividend
Net Earning	-	37.90
Equity	-	-

■Over allotment(57,000)

Name	Address

Allocation	Underwriter	Tel
0%	Nomura	03-3211-1811
68%	Phillip Securities Japan	03-3666-2101
6%	Matsui Securities Co., Ltd	03-5216-0606
6%	SBI SECURITIES Co.,Ltd.	03-5562-7210
6%	Monex, Inc	03-4323-3800
6%	Rakuten Securities Holdings, Inc.	03-6406-2681
2%	TOYO SECURITIES CO.,LTD	03-5117-1040
2%	Tokai Tokyo Securities Co., Ltd	03-3566-8811
2%	Hirota	06-6201-1181
2%	J Trust Global Securities Co., Ltd.	03-4560-0200