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Caulis

カウリス

TSE Growth ・ Ticker 153A ・ Listed

Updated

Result on listing day

+87.9%

Offer price

1,530 yen

First traded price

2,875 yen

Selling 100 shares at the first traded price would have produced a gain of 134,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-03-12 — 2024-03-18
Lottery result
To be announced
Listing date
2024-03-28
Cash needed to apply for one lot (100 shares)
about 153,000 yen
Offering size (at the offer price)
2.8 billion yen ・ 1,829,300 shares
Market capitalisation at listing
9.3 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 既存株主に180日間、一部(VC等)は90日間/1.5倍解除条項付き
Company website
https://caulis.jp/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The joint lead underwriters are SBI Securities, Daiwa Securities, which receive the largest allocations.

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

What stands out

  • FraudAlert is used by more than 40 companies, including megabanks, according to the company
  • Revenue has kept rising, reaching 1.40 billion yen in the year to December 2025, up 14.3%
  • Equity ratio stood at 75.9% at the end of December 2025

What could go wrong

  • The company posted a net loss for three straight years, from the year to December 2018 to the year to December 2020, and has only been consistently profitable since the year to December 2021
  • In the year to December 2025 revenue rose 14.3%, but the cost of sales ratio climbed from 36.8% to 41.7% and operating profit slipped 1.1%
  • The customer base is small, at more than 40 companies by the company's own count, and is concentrated among financial institutions

About the company

A company that supplies Japanese financial institutions with software for spotting unauthorised logins and fraudulent transfers on customer accounts.

How it makes money

Its main product is FraudAlert, a fraud detection service. It examines activity at account opening, login and money transfer using more than 300 parameters and alerts the financial institution when an action looks unlikely to come from the real account holder. Revenue comes from the fees these institutions pay, and the service is used by more than 40 companies including megabanks, according to the company. A second product, Grid Data KYC, verifies customer identity by checking a bank's customer records against electricity contract data.

Where growth is meant to come from

With Japan's Financial Services Agency pressing banks to strengthen anti-money-laundering work, the company is extending its products into ongoing customer due diligence and identity verification. The service that uses electricity contract data was the first business in Japan to be commercialised through the regulatory sandbox scheme, and a trial with a shinkin bank began in August 2026. The company forecasts revenue of 1.647 billion yen for the year to December 2026, up 17.6%, and net profit of 346 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.