Code	Sector	Market
478A	Communications	Growth

Date of listing approval	2025/11/19
Expected Date	2025/12/24
Lead Underwriter	SMBC Nikko Securities Inc.
Description

Listed Shares(total)	3,895,000
Trading Unit	100
New Shares	1,250,000
Existing Shares	2,645,000（incl. O.A.）
Shares Outstanding	PreIPO 8,790,000.00
	PostIPO 10,040,000.00
Paid Up Capital	PreIPO Y239,650,000
	PostIPO Y826,150,000
Expected Pricing Date	2025/12/08
Book Building Start	2025/12/09
Book Building End	2025/12/15
Fix Date	2025/12/16
Offering Starts	2025/12/17
Offering Ends	2025/12/22
Expect Pricing	Y960-Y1,020
Notional PER (based on previous period)	-346.57--368.23
Notional PER(based on results forecast)	32.00-34.00
Offering Price	Y1,020
Offering Price PER (based on previous period)	32.00-34.00
Offering Price PBR (based on previous period)	-32.57
Offering Price PER (based on results forecast)	34.00
Use of Funds Raised

Units:Y1,000

Fiscal Year End:2022/12
	Consolidated	Non-consolidated
Revenue	-	112,238
Current Profit	-	-50,135
Net Profit	-	-50,547
Net Assets	-	471,411

Fiscal Year End:2023/12
	Consolidated	Non-consolidated
Revenue	-	309,919
Current Profit	-	-111,530
Net Profit	-	-134,628
Net Assets	-	336,782

Fiscal Year End:2024/12
	Consolidated	Non-consolidated
Revenue	-	602,796
Current Profit	-	-65,119
Net Profit	-	-23,042
Net Assets	-	313,739

Recent Quarter 2025/09
	Consolidated	Non-consolidated
Revenue	-	750,339
Current Profit	-	212,151
Net Profit	-	170,407
Net Assets	-	763,447

Results Forecast 2025/12
	Consolidated	Non-consolidated
Revenue	-	1,269,000
Current Profit	-	346,000
Net Profit	-	263,000
Net Assets	-	-

Per Share Units:Y1

Fiscal Year End:2022/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	-6.62	-12.38

Fiscal Year End:2023/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	-16.17	-28.55

Fiscal Year End:2024/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	-2.77	-31.32

Fiscal Year End:Recent Quarter 2025/09
	Consolidated	Non-consolidated
Dividend
Net Earning	-	19.63
Equity	-	-

Fiscal Year End:Results Forecast 2025/12
	Consolidated	Non-consolidated
Dividend
Net Earning	-	30.00
Equity	-	-

■Over allotment (508,000)

Name	Address

Allocation	Underwriter	Tel
0%	Nomura	03-3211-1811
95%	SMBC Nikko Securities Inc.	03-5644-3111
2.5%	SBI SECURITIES Co.,Ltd.	03-5562-7210
0.5%	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.	03-6213-8500
0.4%	Rakuten Securities Holdings, Inc.	03-6406-2681
0.4%	Matsui Securities Co., Ltd	03-5216-0606
0.4%	HIROGIN SECURITIES CO., LTD.	082-245-5000
0.4%	Tokai Tokyo Securities Co., Ltd	03-3566-8811
0.4%	Chugin Securities Co., Ltd.	086-235-3441