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DIGITAL GRID

デジタルグリッド

TSE Growth ・ Ticker 350A ・ Listed

Updated

Result on listing day

+17.5%

Offer price

4,520 yen

First traded price

5,310 yen

Selling 100 shares at the first traded price would have produced a gain of 79,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-04-07 — 2025-04-11
Lottery result
2025-04-14
Listing date
2025-04-22
Cash needed to apply for one lot (100 shares)
about 452,000 yen
Offering size (at the offer price)
9.5 billion yen ・ 2,101,000 shares
Market capitalisation at listing
28 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 主要株主に180日間(全株を売り出した三菱商事は対象外)

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.

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

What stands out

  • Revenue roughly doubled in two years, from 3.52 billion yen (year to July 2024) to 7.11 billion yen (year to July 2026)
  • Operating margin was high at 42.4% in the year to July 2026
  • The battery operation service has grown to 165 MW handled, with revenue of over 2 billion yen planned for the year to July 2027

What could go wrong

  • Competition is intensifying and fee rates keep falling, so DGP fee revenue fell 5.8% in the year to July 2026
  • Borrowing has grown to cover power payments made on customers' behalf and battery investment (short-term borrowings of 7.85 billion yen at the end of July 2026, with the equity ratio down from 46.5% to 34.1%)
  • The business is sensitive to power market prices and to changes in government rules

About the company

Runs DGP, a platform that lets power generators and companies that use electricity trade power directly, and earns fees based on the volume traded.

How it makes money

It operates the Digital Grid Platform (DGP), where power generators and electricity users (businesses) can buy and sell power directly. It handles the specialist work on their behalf, such as submitting supply and demand plans every 30 minutes and settling payments, and earns fees based on the volume traded. In the year to July 2026, 82.7% of revenue came from trading power other than renewables (the Power PF business). It also handles trading of renewable power and environmental value (the Renewable PF business), and runs an aggregation service that operates batteries connected to the power grid.

Where growth is meant to come from

Total contracted capacity, combining contracts with power users and generators plus the battery capacity it handles, reached 1,429 MW at the end of July 2026, up 38.3% from a year earlier. It is building up battery operation for owners and its own battery ownership as a third pillar, with a target of consolidated revenue above 10 billion yen for the year to July 2029. For the year to July 2027 the company forecasts revenue of 7.97 billion yen (up 12.0%), but operating profit down 5.0% and net profit down 17.9%.

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.