Beginners IPO🔰 New to IPOs? Start here
← Back to the IPO list

Fitcrew

フィットクルー

TSE Growth ・ Ticker 469A ・ Listed

Updated

Result on listing day

+36.4%

Offer price

2,200 yen

First traded price

3,000 yen

Selling 100 shares at the first traded price would have produced a gain of 80,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-11-27 — 2025-12-03
Lottery result
2025-12-04
Listing date
2025-12-12
Cash needed to apply for one lot (100 shares)
about 220,000 yen
Offering size (at the offer price)
846 million yen ・ 384,500 shares
Market capitalisation at listing
2.4 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(公開価格の1.5倍で解除される条項あり)
Company website
https://fitcrew.co.jp/

Closing prices after listing

Compared with the first traded price of 3,000 yen.

2025-12-122,617 yen-12.8%
2025-12-152,650 yen-11.7%
2025-12-162,450 yen-18.3%
2025-12-172,400 yen-20.0%
2025-12-182,392 yen-20.3%

Brokers you can apply through

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

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

What stands out

  • The women-only gym chain UNDEUX SUPERBODY is its core, with 50 studios listed on the company website
  • Revenue grew from 1.77 billion yen in the year to November 2023 to 2.92 billion yen in the year to November 2025, with recurring profit reaching 270 million yen
  • In May 2026 it acquired 11 group-lesson pilates studios, adding a new format to the business

What could go wrong

  • Growth depends on opening studios, so the pace of openings and membership at existing studios feed straight through to earnings
  • For the first half of the year to November 2026 revenue rose but the company posted a recurring loss, against a recurring profit a year earlier
  • Personal training gyms are a crowded market where competition on price and service continues

About the company

An Osaka-based company that runs UNDEUX SUPERBODY, a chain of women-only personal training gyms across Japan.

How it makes money

Its core business is UNDEUX SUPERBODY, a chain of women-only personal training gyms sold on monthly plans. Members choose between an intensive plan that includes daily diet coaching from a registered dietitian plus delivered meals, and a lighter plan of two to eight sessions a month. Studios are small and sited close to train stations so that members find them easy to keep visiting. The company also runs Dr. plus Fit gyms supervised by doctors, a trainer school called ProGym, and its own line of protein and supplement products.

Where growth is meant to come from

It keeps opening studios while widening its line-up of formats at different price points — the intensive UNDEUX SUPERBODY, the more affordable UNDEUX SUPERBODY LIFE, the doctor-supervised Dr. plus Fit, and a group-lesson pilates chain it acquired in May 2026. It also runs four ProGym schools, training its own supply of instructors.

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.