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Cross E Holdings

Cross Eホールディングス

福証Q-Board ・ Ticker 231A ・ Listed

Updated

Result on listing day

-8.1%

Offer price

1,180 yen

First traded price

1,085 yen

Selling 100 shares at the first traded price would have produced a loss of 9,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-08-14 — 2024-08-20
Lottery result
To be announced
Listing date
2024-08-29
Cash needed to apply for one lot (100 shares)
about 118,000 yen
Offering size (at the offer price)
944 million yen ・ 800,000 shares
Market capitalisation at listing
2.9 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 親会社エイチ・アイ・エスおよび経営陣・従業員持株会等に180日間のロックアップ

Brokers you can apply through

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

JTG証券SBI証券マネックス証券岡三証券岡三オンライン (no longer offers IPOs)西日本シティTT証券FFG証券

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

What stands out

  • It applies the know-how gained from managing all the buildings and equipment of Huis Ten Bosch to facility management and to building and equipment construction
  • Revenue grew from 4.313 billion yen in the year to September 2024 to 4.583 billion yen in the year to September 2025 (up 6.2%), and net profit from 0.325 billion yen to 0.386 billion yen (up 18.5%)
  • It operates in three areas: facility management, building and equipment construction, and machinery installation at plants

What could go wrong

  • For the year to September 2026 the company forecasts revenue of 3.725 billion yen and net profit of 0.214 billion yen, below the previous year (the forecast was lowered in June 2026)
  • Results are easily affected when construction starts or revenue recognition are delayed, or when it fails to win public works tenders; these were among the reasons for lowering the forecast for the year to September 2026
  • Its cost ratio is rising because of higher material prices and higher labour costs from adding staff; the company says the effects of the situation in the Middle East still need close watching

About the company

A company that builds on know-how gained from managing the buildings and equipment of Huis Ten Bosch, the theme park in Nagasaki, to provide facility management, building and equipment construction, and machinery installation at industrial plants.

How it makes money

Its business falls into three areas. In facility management, it maintains and repairs the buildings and equipment of Huis Ten Bosch and of local government facilities. In building and equipment construction, it builds and renovates hotels, commercial facilities and other buildings, upgrades their equipment, and carries out electrical and telecommunications work for public facilities, schools and medical facilities in Nagasaki Prefecture. In machinery installation, it installs equipment, lays piping and provides maintenance at environment-related plants and power plants. Its main operating companies are ハウステンボス・技術センター, 西日本エンジニアリング and 共新電設工業. In the year to September 2025, consolidated revenue was 4.583 billion yen and net profit attributable to owners of the parent was 0.386 billion yen.

Where growth is meant to come from

The company says it is building on the technology it developed managing facilities at Huis Ten Bosch and widening its work to social issues such as energy saving and support for agriculture and other primary industries. For the year to September 2026, it has lowered its forecast to revenue of 3.725 billion yen and net profit of 0.214 billion yen, expecting lower revenue and lower profit, because revenue from some projects is now expected to shift to later years after construction start dates were reviewed, and because public works it had expected to win were not awarded to it.

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.