Flier

フライヤー

TSE Growth ・ Ticker 323A ・ Listed

Updated Oct 2, 2026

Result on listing day

+73.2%

Offer price

680 yen

First traded price

1,178 yen

Selling 100 shares at the first traded price would have produced a gain of 49,800 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-02-03 — 2025-02-07
Lottery result: 2025-02-10
Listing date: 2025-02-20
Cash needed to apply for one lot (100 shares): about 68,000 yen
Offering size (at the offer price): 514 million yen ・ 755,300 shares
Market capitalisation at listing: 2.3 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 親会社と代表取締役に360日間、ベンチャーキャピタル等に180日間（公開価格の1.5倍で解除）
Company website: https://corp.flierinc.com/

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.

みずほ証券 SMBC日興証券マネックス証券楽天証券松井証券 SBI証券岡三証券岡三オンライン (no longer offers IPOs)水戸証券岩井コスモ証券極東証券

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

What stands out

After net losses in each of the three years before listing, it turned a net profit in the year to February 2025, after listing
More than 4,300 summaries and more than 1.3 million cumulative members (as of the end of May 2026)
1,406 corporate contracts in total to date (as of the end of May 2026)

What could go wrong

flier business corporate contracts fell from 623 at the end of February 2026 to 580 at the end of May, and corporate sales in March–May 2026 were down 6.0% year on year
An operating loss of about 5.4 million yen in March–May 2026 (the first quarter), partly due to acquisition-related costs
Its parent MediaDo holds a majority of the voting rights (a parent–subsidiary listing), and no dividend is forecast for the year to February 2027

About the company

Provides flier, a service that turns business books into summaries you can read in about 10 minutes each, to individuals and companies on monthly subscriptions.

How it makes money

Working with publishers, it adds one business book summary every day and now has more than 4,300 summaries (as of the end of May 2026). It earns money from monthly plans for individuals and from flier business, a corporate service used for employee learning; in the year to February 2026, corporate sales were 0.71 billion yen out of total revenue of 1.07 billion yen. It acquired AIStep, which runs generative AI courses, in September 2025 and Zealox, a web design school for women, in February 2026, and has reported consolidated results since the year to February 2026. Its parent company is the e-book distributor MediaDo (メディアドゥ), which holds 56.33% of the voting rights (as of the end of February 2026).

Where growth is meant to come from

Building on its book summaries, it plans to expand into employee training, organisational development support and courses on generative AI, and says it continues to look at further acquisitions. For the year to February 2027 the company forecasts consolidated revenue, including its subsidiaries, of 1.63 billion yen and net profit of 0.06 billion yen.

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.