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Dive Group

ダイブグループ

TSE Growth ・ Ticker 151A ・ Listed

Updated

Result on listing day

+77.2%

Offer price

1,820 yen

First traded price

3,225 yen

Selling 100 shares at the first traded price would have produced a gain of 140,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-03-11 — 2024-03-15
Lottery result
To be announced
Listing date
2024-03-27
Cash needed to apply for one lot (100 shares)
about 182,000 yen
Offering size (at the offer price)
1.3 billion yen ・ 707,200 shares
Market capitalisation at listing
5 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 代表取締役・役員等に180日間(対象2,255,500株)
Company website
https://dive.design/

Brokers you can apply through

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

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

What stands out

  • Built around its resort job site, the company placed 14,555 workers at tourism facilities in the year to June 2025
  • Revenue rose for three straight years, from 12.36 billion yen in the year to June 2024 to 13.78 billion and then 15.33 billion yen
  • The regional revitalisation business it started in 2019, centred on the Za Lantan glamping sites, turned an operating profit in the year to June 2025

What could go wrong

  • More than 90% of revenue comes from the tourism HR business, so earnings track travel demand, including inbound visitors, and the wider economy
  • The regional business swings sharply with the seasons, and in the year to June 2025 the company booked an impairment loss of about 50 million yen on one facility
  • The company has never paid a dividend since listing; the payout per share is zero

About the company

A staffing company focused on Japan's tourism industry, placing workers in hotels and inns nationwide for live-in seasonal jobs known as resort baito.

How it makes money

More than 90% of revenue comes from its tourism HR business. Workers who register on its job site Resort Baito Dive are placed at hotels, traditional inns, ski resorts and leisure facilities across Japan, and the company earns a staffing fee from those facilities. Most assignments run two to three months, with the worker living in staff dormitories on site. In the year to June 2025 it placed 14,555 workers and had worked with more than 5,900 tourism facilities in total. Its second pillar is a regional revitalisation business, which runs glamping sites under the Za Lantan brand and similar facilities at six locations from Ashibetsu in Hokkaido to Saga, using idle buildings and land in areas that draw few visitors.

Where growth is meant to come from

It treats the number of workers placed as its most important measure, and plans to widen recruitment beyond its traditional younger users to older workers and foreign nationals. In the regional business it aims to add rooms and raise occupancy at its Za Lantan sites while extending into other formats such as its Craft Hotel brand. On 1 July 2026 it moved to a holding company structure and changed its name to Dive Group Inc.

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.