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ALPICO HOLDINGS

アルピコホールディングス

TSE Standard ・ Ticker 297A ・ Listed

Updated

Result on listing day

+5.2%

Offer price

191 yen

First traded price

201 yen

Selling 100 shares at the first traded price would have produced a gain of 1,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-12-09 — 2024-12-13
Lottery result
To be announced
Listing date
2024-12-25
Cash needed to apply for one lot (100 shares)
about 19,100 yen
Offering size (at the offer price)
2.7 billion yen ・ 14,292,700 shares
Market capitalisation at listing
14 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 既存株主(対象59,181,622株)に180日間

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is Mizuho Securities, which receives the largest allocation.

Broker pages are in Japanese. A comparison in English is on the brokers page.

What stands out

  • An infrastructure group for both daily life and tourism, with 61 supermarkets and 805 buses and taxis in Nagano Prefecture
  • Record operating revenue of 107.4 billion yen and record operating profit of 3.9 billion yen in the year to March 2026
  • Introduced a shareholder benefit programme (vouchers usable at Delicia and Alpico Hotels) from the end of the year to March 2026

What could go wrong

  • For the year to March 2027 it forecasts net profit of 1.6 billion yen (down 20.0%) because of higher costs such as fuel
  • Transport and tourism are easily affected by the weather and tourism demand
  • Profit is small relative to revenue, with an operating margin of 3.6% in the year to March 2026, and the equity ratio is also low at 26.0%

About the company

The holding company of a Nagano-based group that runs the Delicia supermarkets, buses, taxis and a railway, hotels and ryokan inns, and holiday-home estates.

How it makes money

The group's businesses are divided into retail, transport, tourism, real estate and others. Retail, centred on 52 Delicia supermarkets among 61 stores in Nagano Prefecture, made up about 73% of operating revenue in the year to March 2026. Transport, with 397 buses and 408 taxis including routes to tourist areas such as Kamikochi and Hakuba, earned more operating profit than retail in that year. Tourism runs six hotels and inns, mainly in Matsumoto, as well as expressway service areas, and real estate develops and leases holiday-home land in the Tateshina and Hara areas.

Where growth is meant to come from

In the year to March 2026, operating revenue of 107.4 billion yen and operating profit of 3.9 billion yen were both record highs. To capture tourism demand including inbound visitors, it is renovating inns for a higher price range and planning a complex centred on a bus terminal in Hakuba. For the year to March 2027, however, it expects higher fuel and purchasing costs and forecasts higher revenue but lower profit: operating revenue of 110 billion yen (up 2.4%) and net profit of 1.6 billion yen (down 20.0%).

Read about this company in Japanese →

Figures are taken from the offering documents and public sources, and are checked against two independent sources before publication. Nothing here is investment advice. Shares can and do open below their offer price.