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COLUMBIA WORKS

コロンビア・ワークス

TSE Standard ・ Ticker 146A ・ Listed

Updated

Result on listing day

+13.5%

Offer price

3,300 yen

First traded price

3,745 yen

Selling 100 shares at the first traded price would have produced a gain of 44,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-03-08 — 2024-03-14
Lottery result
To be announced
Listing date
2024-03-27
Cash needed to apply for one lot (100 shares)
about 330,000 yen
Offering size (at the offer price)
3.5 billion yen ・ 1,050,500 shares
Market capitalisation at listing
11 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 上位株主に90日間(価格解除条項なし)

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

  • Consolidated revenue grew about 1.8 times in a year, from 20.98 billion yen in the year to December 2024 to 37.08 billion yen in the year to December 2025
  • The company forecasts revenue of 55.4 billion yen and operating profit of 7.6 billion yen for the year to December 2026 (announced 12 February 2026)
  • It develops under its own brands — the Blancé and LUMIEC apartments and BIASTA offices — and stays involved after completion through leasing management and hotel operation

What could go wrong

  • Property development is the main source of earnings, so interest rates, the property market and construction costs all feed straight into results
  • It borrows to buy the properties it develops, so debt is large and the equity ratio was 26.1% at the end of December 2025
  • Revenue is booked when a building is handed over, so quarterly results swing widely. In the year to December 2025 the second quarter brought 4.30 billion yen of revenue against 18.98 billion yen in the third

About the company

A property developer that builds and sells rental apartments, offices and hotels, mainly in central Tokyo, and also handles the leasing management and hotel operation of what it builds.

How it makes money

Property development is where the money comes from. One person handles a project all the way through, from buying the land to planning, building and selling, and the company develops under its own brands — Blancé and LUMIEC for rental apartments, BIASTA for offices — then sells the finished buildings to investors and corporate buyers. Alongside development it also runs leasing management, hotel operation and asset management, with the parent company and three consolidated subsidiaries making up the group. It also does build-to-suit work designed around a particular tenant, such as a medical check-up centre and apartment buildings for students.

Where growth is meant to come from

Consolidated revenue grew about 1.8 times in a single year, from 20.98 billion yen in the year to December 2024 to 37.08 billion yen in the year to December 2025. The company forecasts revenue of 55.4 billion yen and operating profit of 7.6 billion yen for the year to December 2026 (company forecast announced on 12 February 2026). It also expects to raise the annual dividend from 78 yen a share for the year to December 2025 to 94 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.