Cypress Holdings

サイプレス・ホールディングス

TSE Standard ・ Ticker 428A ・ Listed

Updated Oct 15, 2025

Result on listing day

-4.9%

Offer price

710 yen

First traded price

675 yen

Selling 100 shares at the first traded price would have produced a loss of 3,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-09-24 — 2025-09-29
Lottery result: 2025-09-30
Listing date: 2025-10-08
Cash needed to apply for one lot (100 shares): about 71,000 yen
Offering size (at the offer price): 2.9 billion yen ・ 4,046,600 shares
Market capitalisation at listing: 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: 筆頭株主の丸の内キャピタル系ファンドに180日間、（株）EAMと代表取締役に360日間
Company website: https://www.cypress-holdings.co.jp/

Closing prices after listing

Compared with the first traded price of 675 yen.

2025-10-08663 yen-1.8%

2025-10-09640 yen-5.2%

2025-10-10622 yen-7.9%

2025-10-14617 yen-8.6%

2025-10-15634 yen-6.1%

Brokers you can apply through

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

大和証券野村證券 SBI証券マネックス証券楽天証券大和コネクト証券 DMM.com証券

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

What stands out

Its mainstay Tsukiji Shokudo Genchan had 47 outlets at the end of August 2025
Revenue and operating profit have both risen for two years running, reaching 11.29 billion yen and 765 million yen in the year to August 2025
The store count has grown from 100 at the end of August 2021 to 135 at the end of May 2026

What could go wrong

As a restaurant business, higher prices for seafood, labour and utilities feed straight through to profit
Most of its outlets sit inside commercial facilities, so it depends on how well those facilities draw customers and on the terms of each lease
The private equity funds (Marunouchi Capital) that sold shares at the listing remain shareholders after it

About the company

A restaurant operator that runs 36 brands across Japan, led by Tsukiji Shokudo Genchan, a Japanese eatery chain built around seafood rice bowls and set meals.

How it makes money

Its mainstay is Tsukiji Shokudo Genchan, a Japanese eatery chain that uses fish shipped the same day from Toyosu and other markets around the country. It had 47 of those outlets at the end of August 2025. Two more brands are treated as core alongside it - the gourmet conveyor-belt sushi chain ABURI Hyakkan, with 11 outlets, and Sumibiyakitori Ginza Sozaiten, a charcoal-grilled yakitori brand strong in takeaway, with 15. Including noodle, Western-style and cafe formats, it runs 36 brands in all, and all of its revenue sits in a single restaurant segment. For its Tokyo outlets it prepares fish at its own processing site inside Toyosu market and delivers the same day.

Where growth is meant to come from

It adds outlets by picking whichever of its formats suits a given shopping centre or commercial building, and the store count has risen from 100 at the end of August 2021 to 135 at the end of May 2026. In August 2026 it announced that it had begun franchising its takeaway-focused yakitori brand. For the year to August 2026 the company forecasts revenue of 12.3 billion yen, up 9.0%, and operating profit of 850 million yen, up 11.1%.

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.