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EUCALIA

ユカリア

TSE Growth ・ Ticker 286A ・ Listed

Updated

Result on listing day

-8.0%

Offer price

1,060 yen

First traded price

975 yen

Selling 100 shares at the first traded price would have produced a loss of 8,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-11-26 — 2024-12-02
Lottery result
To be announced
Listing date
2024-12-12
Cash needed to apply for one lot (100 shares)
about 106,000 yen
Offering size (at the offer price)
13 billion yen ・ 11,857,500 shares
Market capitalisation at listing
40 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 既存株主の大部分に180日間
Company website
https://eucalia.jp/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The joint lead underwriters are SBI Securities, Mitsubishi UFJ Morgan Stanley Securities, which receive the largest allocations.

SBI証券三菱UFJモルガン・スタンレー証券松井証券岡三証券極東証券岡三オンライン (no longer offers IPOs)SBIネオトレード証券

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

What stands out

  • Three pillars — hospital-management support, senior care and contact lenses — with revenue of 24.73 billion yen for the year to December 2025 (up 24.7%)
  • It had 29 partner hospitals at the end of June 2026, supporting them on everything from management improvement to digital tools, staffing and financing
  • Its hospital BPO service had been introduced at 6 hospitals by the end of June 2026, ahead of pace against the plan of 8 for the year to December 2026

What could go wrong

  • The company forecasts net profit down 40.3% for the year to December 2026 (the year to December 2025 was lifted by one-off gains such as profits on asset sales)
  • Operating profit for the first half of 2026 fell 65.2% year on year, and no new partner hospitals were added during that period
  • Results are sensitive to conditions in healthcare and nursing care, such as revisions to medical and care fees and rising staff costs

About the company

A healthcare company built around supporting the management of partner hospitals, which also runs nursing homes, refers people to care homes, and makes and sells contact lenses.

How it makes money

Its core is the integrated hospital-management support business, which provides partner hospitals (medical corporations) with consulting to improve management, recruitment, digital tools and financing support as a package. It also has a senior-care business that runs nursing homes and refers people to care homes, and a medical-device business that makes and sells contact lenses. In the year to December 2025 the three pillars were of similar size, with revenue of 8.89 billion yen from senior care, 7.73 billion yen from hospital-management support and 7.46 billion yen from contact lenses.

Where growth is meant to come from

It is focusing on BPO (taking over hospitals' administrative work) and home medical care (visiting nursing), and plans to keep widening its business through M&A. For the year to December 2026 the company forecasts revenue of 33.04 billion yen (up 33.6%) but net profit of 1.66 billion yen (down 40.3%).

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.