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AS PARTNERS

アズパートナーズ

TSE Standard ・ Ticker 160A ・ Listed

Updated

Result on listing day

+52.2%

Offer price

1,920 yen

First traded price

2,923 yen

Selling 100 shares at the first traded price would have produced a gain of 100,300 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
To be announced
Lottery result
To be announced
Listing date
2024-04-04
Cash needed to apply for one lot (100 shares)
about 192,000 yen
Offering size (at the offer price)
2 billion yen ・ 1,046,500 shares
Market capitalisation at listing
6.6 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 役員・主要株主等に90日間、従業員持株会に180日間

Brokers you can apply through

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

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

What stands out

  • Handles the whole chain itself, from buying land and developing care homes to running them, and earns from two arms — senior care and property
  • Revenue rose from 17.15 billion yen in the year to March 2024 to 17.92 billion and then 23.66 billion yen to March 2026, with net profit climbing from 560 million to 960 million and then 1.18 billion yen
  • The company forecasts a further rise for the year to March 2027, to revenue of 27.94 billion yen and net profit of 1.31 billion yen

What could go wrong

  • Revisions to public long-term care insurance fees, and how easily the company can hire and keep care staff, feed straight through to margins in the senior business
  • In the year to March 2026 segment profit from property, 1.98 billion yen, was larger than the 1.42 billion yen from senior care (both before company-wide costs), so a good share of earnings rides on the property market
  • Developing and holding property is funded largely by borrowing, and the equity ratio was a slim 21.2% at the end of March 2026

About the company

Runs care homes, day services and short-stay facilities under the Az Heim brand, mainly in and around Tokyo, and also develops senior housing and other property through a second business arm.

How it makes money

The company works through two arms. In the senior business it runs care homes, day services and short-stay facilities under the Az Heim name, earning the fees residents and users pay plus payments from the public long-term care insurance system. The property arm develops senior housing including its own care homes, renovates ageing apartment blocks and holds and sells rental property. Of revenue of 23.66 billion yen in the year to March 2026, about 15.5 billion yen came from the senior business and about 8.2 billion yen from property. It employed 1,900 people as of 1 April 2026.

Where growth is meant to come from

It keeps opening new care homes and day service centres, including a care home in Tokorozawa, Saitama and a day service centre in Matsudo, Chiba during 2026. For the year to March 2027 the company forecasts revenue of 27.94 billion yen, 18.1% above the previous year, and net profit of 1.31 billion yen.

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.