Code	Sector	Market
485A	Electric Equipment	Growth

Date of listing approval	2025/11/21
Expected Date	2025/12/19
Lead Underwriter	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. SMBC Nikko Securities Inc.
Description

Listed Shares(total)	9,646,500
Trading Unit	100
New Shares	4,166,700
Existing Shares	5,479,800（incl. O.A.）
Shares Outstanding	PreIPO 32,132,000.00
	PostIPO 36,298,700.00
Paid Up Capital	PreIPO Y2,270,681,000
	PostIPO Y3,810,519,250
Expected Pricing Date	2025/12/03
Book Building Start	2025/12/03
Book Building End	2025/12/09
Fix Date	2025/12/10
Offering Starts	2025/12/11
Offering Ends	2025/12/16
Expect Pricing	Y1,200-Y1,220
Notional PER (based on previous period)	-4.28--4.36
Notional PER(based on results forecast)	-21.48--21.84
Offering Price	Y1,220
Offering Price PER (based on previous period)	-21.48--21.84
Offering Price PBR (based on previous period)	-2.28
Offering Price PER (based on results forecast)	-21.84
Use of Funds Raised

Units:Y1,000

Fiscal Year End:2022/12
	Consolidated	Non-consolidated
Revenue	-	-
Current Profit	-	-2,004,000
Net Profit	-	-2,255,000
Net Assets	-	5,967,000

Fiscal Year End:2023/12
	Consolidated	Non-consolidated
Revenue	327,000	327,000
Current Profit	-5,737,000	-5,737,000
Net Profit	-6,166,000	-6,157,000
Net Assets	5,244,000	5,252,000

Fiscal Year End:2024/12
	Consolidated	Non-consolidated
Revenue	6,161,000	6,161,000
Current Profit	-5,702,000	-5,699,000
Net Profit	-8,013,000	-8,008,000
Net Assets	1,670,000	1,682,000

Recent Quarter 2025/09
	Consolidated	Non-consolidated
Revenue	7,323,000	-
Current Profit	-2,986,000	-
Net Profit	-3,046,000	-
Net Assets	482,000	-

Results Forecast 2025/12
	Consolidated	Non-consolidated
Revenue	18,915,000	-
Current Profit	-1,730,000	-
Net Profit	-1,790,000	-
Net Assets	-	-

Per Share Units:Y1

Fiscal Year End:2022/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	-136.08	-112.01

Fiscal Year End:2023/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-253.78	-306.64
Equity	-253.44	-306.35

Fiscal Year End:2024/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-280.07	-535.46
Equity	-279.92	-535.05

Fiscal Year End:Recent Quarter 2025/09
	Consolidated	Non-consolidated
Dividend
Net Earning	-95.77	-
Equity	-	-

Fiscal Year End:Results Forecast 2025/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-55.87	-
Equity	-	-

■Over allotment (1,258,200)

Name	Address

Allocation	Underwriter	Tel
0%	Nomura	03-3211-1811
43.3%	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.	03-6213-8500
23.3%	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd	03-5424-5000
30%	SMBC Nikko Securities Inc.	03-5644-3111
1%	Nomura Securities Co., Ltd	03-3211-1811
1%	Mizuho Securities Co., Ltd	03-5208-3210
0.2%	SBI SECURITIES Co.,Ltd.	03-5562-7210
0.2%	Monex, Inc	03-4323-3800
0.2%	Matsui Securities Co., Ltd	03-5216-0606
0.2%	Chugin Securities Co., Ltd.	086-235-3441
0.2%	OKASAN SECURITIES GROUP INC	03-3272-2211
0.2%	IwaiCosmo Securities Co.,Ltd.	06-6229-2890