Elevator Communications

エレベーターコミュニケーションズ

札証アンビシャス・ Ticker 353A ・ Listed

Updated Apr 25, 2025

Result on listing day

+29.4%

Offer price

1,700 yen

First traded price

2,200 yen

Selling 100 shares at the first traded price would have produced a gain of 50,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-04-10 — 2025-04-16
Lottery result: 2025-04-17
Listing date: 2025-04-25
Cash needed to apply for one lot (100 shares): about 170,000 yen
Offering size (at the offer price): 204 million yen ・ 119,800 shares
Market capitalisation at listing: 1.7 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180日間（既存株式の約93%をカバー）
Company website: https://www.evcom.co.jp/

Brokers you can apply through

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

東洋証券SBI証券松井証券マネックス証券岡三証券北洋証券あかつき証券

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

What stands out

An independent maintenance company able to service elevators from all the major makers, including Mitsubishi Electric, Hitachi, Toshiba, Otis and Fujitec
Revenue grew from 3.29 billion yen in the year to May 2024 to a record 4.55 billion yen in the year to May 2026
For the year to May 2027 the company forecasts higher revenue and profit, with revenue of 5.57 billion yen (up 22.3%) and net profit of 190 million yen (up 6.2%)

What could go wrong

Manufacturer-affiliated firms handle about 80% of elevator maintenance in Japan, while the company maintains only about 10,000 units, a share of about 1% (company materials), which leaves it exposed to price competition
Growth depends on hiring and training skilled technicians; difficulty recruiting or rising labour costs could squeeze profit
The shares trade on the regional Sapporo and Fukuoka exchanges, where trading is thinner than on the Tokyo Stock Exchange, so it may be hard to sell quickly

About the company

An independent maintenance company, not tied to any manufacturer, that services and renovates elevators and escalators of every major make.

How it makes money

It earns money in two ways. The maintenance business takes on inspections, remote monitoring and emergency call-outs under contracts with building and condominium owners, and the repair and renewal business replaces worn parts or whole systems such as control panels and traction machines. In the year to May 2026, maintenance made up 40.0% of revenue of 4.55 billion yen and repair and renewal 60.0%. Technicians are dispatched from 52 locations across Japan (as of June 2026), and its own system, Qサポ, lets passengers request help directly by scanning a QR code.

Where growth is meant to come from

The company expects demand to keep rising for renewing older elevators whose makers have stopped supplying parts, and it aims to make full escalator renewals, which reuse the existing structural frame (truss) to cut construction time and cost, its second pillar. It also plans to add maintenance contracts through M&A and business acquisitions, and has set a target of 10 billion yen in revenue for the year to May 2029. For the year to May 2027 it is hiring many more technicians, so its profit plan is conservative and grows more slowly than revenue.

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.