Booking Resort

ブッキングリゾート

TSE Growth ・ Ticker 324A ・ Listed

Updated Oct 2, 2026

Result on listing day

+25.0%

Offer price

1,240 yen

First traded price

1,550 yen

Selling 100 shares at the first traded price would have produced a gain of 31,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-02-05 — 2025-02-12
Lottery result: 2025-02-13
Listing date: 2025-02-21
Cash needed to apply for one lot (100 shares): about 124,000 yen
Offering size (at the offer price): 2 billion yen ・ 1,646,800 shares
Market capitalisation at listing: 7.1 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 親会社と主要株主に180日間（一部の株主は保有株を全て売出し）
Company website: https://www.booking-resort.jp/

Brokers you can apply through

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

SMBC日興証券みずほ証券野村證券三菱UFJモルガン・スタンレー証券 SBI証券西村証券三菱UFJ eスマート証券

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

What stands out

Revenue of 1.72 billion yen (up 18.1%) and net profit of 0.37 billion yen (up 10.7%) in the year to April 2026
Operating profit of 0.51 billion yen in the year to April 2026, about 30% of revenue
More than 86,500 いぬやど members (as of the end of July 2026)

What could go wrong

Higher staff and advertising costs: operating profit fell 1.1% in the year to April 2026 and the company forecasts a further 0.1% decline for the year to April 2027. In May–July 2026 (the first quarter) it was down 26.4% year on year
There are many competing booking sites, including large general travel booking sites
Sales to にしがき, a company in the group that was its parent at listing, were about 0.20 billion yen in the year to April 2026, more than 10% of revenue

About the company

Runs リゾートグランピングドットコム, a booking site for glamping facilities, and いぬやど, a booking site for places you can stay with your dog, earning a fee from the accommodation for each booking.

How it makes money

Its main business is performance-based marketing for accommodation: it lists hotels and inns on its booking sites with no upfront fee and earns a commission each time a booking is made. In the year to April 2026 this business accounted for 1.29 billion yen of total revenue of 1.72 billion yen. At the end of April 2026 it listed 450 facilities (up 23.6% year on year), and it secured about 202,000 bookings in the year to April 2026. It also runs its own accommodation in Chiba, Chichibu and Yamanashi, and in December 2025 it acquired the inn 湖風の宿あさふじ in Fujikawaguchiko, Yamanashi, through a business transfer.

Where growth is meant to come from

In the year to April 2026 it started a facility renewal and resale business, buying older accommodation, improving it, making it bookable through its own sites and then selling it; the first property, in Izu, Shizuoka, is scheduled to open in October 2026. It also aims to raise transactions from overseas visitors to 2 billion yen by the year to April 2028. For the year to April 2027 the company forecasts revenue of 2.20 billion yen (up 28.0%) and operating profit of 0.51 billion yen (down 0.1%), so profit is expected to stay at about last year's level.

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.