ASUA Inc.

アスア

TSE Growth ・ Ticker 246A ・ Listed

Updated Oct 4, 2026

Result on listing day

+47.6%

Offer price

680 yen

First traded price

1,004 yen

Selling 100 shares at the first traded price would have produced a gain of 32,400 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-09-09 — 2024-09-13
Lottery result: To be announced
Listing date: 2024-09-26
Cash needed to apply for one lot (100 shares): about 68,000 yen
Offering size (at the offer price): 743 million yen ・ 1,092,500 shares
Market capitalisation at listing: 1.7 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・主要株主に180日間
Company website: https://www.asua.ne.jp

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is 東海東京証券, which receives the largest allocation.

東海東京証券SBI証券楽天証券岡三証券丸三証券あかつき証券岡三オンライン (no longer offers IPOs)

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

What stands out

Its core services, TRYES Support and TRYES Report, which handle and support transport companies' safety management, make up about 60% of revenue
Revenue of about 1.46 billion yen in the year to June 2026 (up 4.9%), driven by its core mobility solutions business
Listed on both the Tokyo Stock Exchange Growth market and the Nagoya Stock Exchange, where it moved from the Next market to the Main market in March 2026

What could go wrong

Its customers are concentrated in the logistics industry, so results are sensitive to industry regulation and the economy
Revenue grew in the year to June 2026, but operating profit fell 31.7% due to costs such as investment in staff and the launch of shareholder perks
In September 2026 it cut its dividend forecast for the year to June 2027 to zero, saying it will prioritize shareholder perks for the time being

About the company

A Nagoya-based company whose main business is logistics outsourcing, taking on safety management work for trucking and other transport companies, and which also sells network equipment.

How it makes money

Its mobility solutions business, about 60% of revenue, offers "TRYES Support", in which staff visit transport companies' sites to help with safety management, and the cloud-based "TRYES Report". About 30% comes from its network solutions business, which sells, installs and maintains network equipment and multifunction printers used at customers' offices. The remaining businesses, such as dental-related system development, are non-core operations it has decided to exit.

Where growth is meant to come from

Japan's "2024 problem" (limits on truck drivers' working hours) and the "two new logistics laws" that took effect in April 2025 require transport companies to strengthen safety management, and the company expects demand for its logistics outsourcing to stay firm. For the year to June 2027 it forecasts revenue of 1.48 billion yen (up 1.0%). In September 2026 it cut its profit forecast by 20 million yen after increasing the budget for shareholder perks, so net profit is now expected to be about 82 million yen, below the previous year's roughly 86 million 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.