alt

オルツ

TSE Growth ・ Ticker 260A ・ Listed

Updated Oct 4, 2026

This company was delisted on 2025-08-31.

Its shares can no longer be bought or sold on the exchange. What follows is a record of the IPO.

Result on listing day

+5.6%

Offer price

540 yen

First traded price

570 yen

Selling 100 shares at the first traded price would have produced a gain of 3,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-09-26 — 2024-10-02
Lottery result: To be announced
Listing date: 2024-10-11
Cash needed to apply for one lot (100 shares): about 54,000 yen
Offering size (at the offer price): 5.6 billion yen ・ 10,350,000 shares
Market capitalisation at listing: 18 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 主要株主・ベンチャーキャピタルに90日間または180日間(90日分は公開価格の1.5倍=810円到達で解除条項あり)
Company website: https://alt.ai/

Brokers you can apply through

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

大和証券松井証券 SBI証券野村證券丸三証券あかつき証券大和コネクト証券

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

What stands out

Listed on the TSE Growth market on October 11, 2024 and delisted on August 31, 2025
A third-party committee found about 80-90% of revenue from the year to December 2021 through the year to December 2024 was overstated
Because the results disclosed at listing were themselves wrong, this site does not show a results chart

What could go wrong

Even for a newly listed company, the disclosed financial figures themselves may not be accurate
Once a stock is delisted it can no longer be traded on the exchange, which severely limits ways to sell the shares
Even before listing, it was a loss-making company that put research and development ahead of profits

About the company

An AI company behind services such as the automatic meeting-minutes tool "AI GIJIROKU". It was delisted on August 31, 2025, about ten months after listing, because it had inflated most of its revenue through accounting fraud.

How it makes money

At the time of listing, it described itself as earning revenue mainly from fees for its AI meeting-minutes service "AI GIJIROKU" while researching "Personal Artificial Intelligence (P.A.I.)", which reproduces an individual's way of thinking, and digital clones. However, a third-party committee found that about 80-90% of the revenue it recorded from the year to December 2021 through the year to December 2024 was overstated. It had used "circular transactions", in which money it paid out as advertising and other expenses came back as sales revenue via ad agencies and sales partners.

Where growth is meant to come from

The Tokyo Stock Exchange decided on July 30, 2025 to delist the shares, and on the same day the company filed for civil rehabilitation proceedings with the Tokyo District Court (total liabilities of about 2.4 billion yen). The shares were delisted on August 31, 2025 and can no longer be traded on the exchange. This page is kept as a record of the listing.

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.