Code	Sector	Market
438A	Communications	Growth

Date of listing approval	2025/09/19
Expected Date	2025/10/24
Lead Underwriter	SBI SECURITIES Co.,Ltd.
Description

Listed Shares(total)	7,718,500
Trading Unit	100
New Shares	1,700,000
Existing Shares	6,018,500（incl. O.A.）
Shares Outstanding	PreIPO 18,669,600.00
	PostIPO 20,369,600.00
Paid Up Capital	PreIPO Y100,000,000
	PostIPO Y1,413,760,000
Expected Pricing Date	2025/10/08
Book Building Start	2025/10/09
Book Building End	2025/10/15
Fix Date	2025/10/16
Offering Starts	2025/10/17
Offering Ends	2025/10/22
Expect Pricing	Y1,540-Y1,600
Notional PER (based on previous period)	372.88-387.41
Notional PER(based on results forecast)	150.24-156.10
Offering Price	Y1,680
Offering Price PER (based on previous period)	150.24-156.10
Offering Price PBR (based on previous period)	-15.03
Offering Price PER (based on results forecast)	163.90
Use of Funds Raised

Units:Y1,000

Fiscal Year End:2023/03
	Consolidated	Non-consolidated
Revenue	-	2,955,121
Current Profit	-	-416,563
Net Profit	-	-1,072,269
Net Assets	-	203,166

Fiscal Year End:2024/03
	Consolidated	Non-consolidated
Revenue	5,836,415	3,719,931
Current Profit	-598,790	-390,862
Net Profit	-557,782	-259,685
Net Assets	681,447	821,513

Fiscal Year End:2025/03
	Consolidated	Non-consolidated
Revenue	7,174,418	4,867,108
Current Profit	107,626	-285,887
Net Profit	74,724	-434,523
Net Assets	2,413,775	2,044,593

Recent Quarter 2025/06
	Consolidated	Non-consolidated
Revenue	1,992,714	-
Current Profit	37,492	-
Net Profit	230,443	-
Net Assets	2,645,530	-

Results Forecast 2026/03
	Consolidated	Non-consolidated
Revenue	9,000,000	-
Current Profit	80,000	-
Net Profit	200,000	-
Net Assets	-	-

Per Share Units:Y1

Fiscal Year End:2023/03
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	-64.06	-125.35

Fiscal Year End:2024/03
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-33.10	-125.71
Equity	-15.41	-117.69

Fiscal Year End:2025/03
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	4.13	-111.81
Equity	-24.01	-131.59

Fiscal Year End:Recent Quarter 2025/06
	Consolidated	Non-consolidated
Dividend
Net Earning	12.34	-
Equity	-	-

Fiscal Year End:Results Forecast 2026/03
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	10.25	-
Equity	-	-

■Over allotment (907,100→1,006,700)

Name	Address

Allocation	Underwriter	Tel
0%	Nomura	03-3211-1811
51.5%	SBI SECURITIES Co.,Ltd.	03-5562-7210
40%	JPMorgan Securities Japan Co., Ltd.	03-5573-1111
2.7%	SMBC Nikko Securities Inc.	03-5644-3111
2.7%	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.	03-6213-8500
0.5%	Nomura Securities Co., Ltd	03-3211-1811
0.5%	Monex, Inc	03-4323-3800
0.5%	Mito Securities Co., Ltd	03-6739-0310
0.5%	Rakuten Securities Holdings, Inc.	03-6406-2681
0.4%	IwaiCosmo Securities Co.,Ltd.	06-6229-2890
0.4%	OKASAN SECURITIES GROUP INC	03-3272-2211
0.3%	J Trust Global Securities Co., Ltd.	03-4560-0200