Code	Sector	Market
146A	Real Estate	Standard

Date of listing approval	2024/02/20
Expected Date	2024/03/27
Lead Underwriter	Nomura Securities Co., Ltd
Description

Listed Shares(total)	1,050,500
Trading Unit	100
New Shares	833,400
Existing Shares	217,100（incl. O.A.）
Shares Outstanding	PreIPO 2,500,000.00
	PostIPO 3,333,400.00
Paid Up Capital	PreIPO Y100,000,000
	PostIPO Y1,365,101,200
Expected Pricing Date	2024/03/06
Book Building Start	2024/03/08
Book Building End	2024/03/14
Fix Date	2024/03/15
Offering Starts	2024/03/18
Offering Ends	2024/03/22
Expect Pricing	Y3,110-Y3,300
Notional PER (based on previous period)	6.62-7.03
Notional PER(based on results forecast)	5.42-5.75
Offering Price	Y3,300
Offering Price PER (based on previous period)	5.42-5.75
Offering Price PBR (based on previous period)	1.42
Offering Price PER (based on results forecast)	5.75
Use of Funds Raised

Units:Y1,000

Fiscal Year End:2020/12
	Consolidated	Non-consolidated
Revenue	-	8,838,000
Current Profit	-	873,000
Net Profit	-	540,000
Net Assets	-	4,181,000

Fiscal Year End:2021/12
	Consolidated	Non-consolidated
Revenue	10,002,000	9,922,000
Current Profit	1,029,000	1,049,000
Net Profit	682,000	702,000
Net Assets	4,715,000	4,784,000

Fiscal Year End:2022/12
	Consolidated	Non-consolidated
Revenue	11,013,000	10,879,000
Current Profit	1,854,000	1,818,000
Net Profit	1,174,000	1,160,000
Net Assets	5,798,000	5,852,000

Recent Quarter 2023/09
	Consolidated	Non-consolidated
Revenue	8,730,000	-
Current Profit	1,348,000	-
Net Profit	852,000	-
Net Assets	6,476,000	-

Results Forecast 2024/12
	Consolidated	Non-consolidated
Revenue	20,081,000	-
Current Profit	2,638,000	-
Net Profit	1,803,000	-
Net Assets	-	-

Per Share Units:Y1

Fiscal Year End:2020/12
	Consolidated	Non-consolidated
Dividend	40.00
Net Earning	-	-
Equity	216.39	1,672.77

Fiscal Year End:2021/12
	Consolidated	Non-consolidated
Dividend	36.80
Net Earning	272.83	1,886.32
Equity	280.89	1,913.67

Fiscal Year End:2022/12
	Consolidated	Non-consolidated
Dividend	69.60
Net Earning	469.75	2,319.28
Equity	464.05	2,340.93

Fiscal Year End:Recent Quarter 2023/09
	Consolidated	Non-consolidated
Dividend
Net Earning	340.85	-
Equity	-	-

Fiscal Year End:Results Forecast 2024/12
	Consolidated	Non-consolidated
Dividend
Net Earning	574.23	-
Equity	-	-

■Over allotment(137,000)

Name	Address

Allocation	Underwriter	Tel
0%	Nomura	03-3211-1811
96%	Nomura Securities Co., Ltd	03-3211-1811
1.2%	SMBC Nikko Securities Inc.	03-5644-3111
1%	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.	03-6213-8500
0.5%	IwaiCosmo Securities Co.,Ltd.	06-6229-2890
0.5%	SBI SECURITIES Co.,Ltd.	03-5562-7210
0.5%	Rakuten Securities Holdings, Inc.	03-6406-2681
0.3%	Akatsuki Securities,Inc	03-5641-7800