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Fuller

フラー

TSE Growth ・ Ticker 387A ・ Listed

Updated

Result on listing day

+344.4%

Offer price

1,170 yen

First traded price

5,200 yen

Selling 100 shares at the first traded price would have produced a gain of 403,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-07-07 — 2025-07-11
Lottery result
2025-07-14
Listing date
2025-07-24
Cash needed to apply for one lot (100 shares)
about 117,000 yen
Offering size (at the offer price)
320 million yen ・ 273,900 shares
Market capitalisation at listing
2 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 経営陣や事業会社の株主に180日間、ベンチャーキャピタルには90日または公開価格の1.5倍で解除

Closing prices after listing

Compared with the first traded price of 5,200 yen.

2025-07-254,500 yen-13.5%
2025-07-284,375 yen-15.9%
2025-07-294,555 yen-12.4%
2025-07-304,045 yen-22.2%
2025-07-314,145 yen-20.3%

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.

SBI証券野村證券マネックス証券楽天証券松井証券SMBC日興証券岩井コスモ証券東海東京証券JTG証券岡三にいがた証券第四北越証券

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

What stands out

  • Handles apps end to end, from planning through design, development and operation, for clients such as NHK and Kao
  • Yappli and the Dentsu Group are capital and business alliance partners, each holding around 20% of the shares
  • The company forecasts revenue of 2.6 billion to 2.72 billion yen for the year to June 2027, up 29.4% to 35.4%

What could go wrong

  • In the year to June 2026, its first as a listed company, revenue was flat and operating profit fell about 70% to 57 million yen
  • Contract development is about 95% of revenue, so quarterly results swing depending on whether large projects are running
  • The company has never paid a dividend since it was founded

About the company

A company that plans, designs and builds smartphone apps for other businesses, handling the whole job in-house.

How it makes money

Most of its revenue comes from contract work for other companies. In the year to June 2026 that client work was 1.9 billion yen, about 95% of total revenue. It handles the whole job in-house, from planning an app through design, development, operation and data analysis, and its clients include NHK, Kao, ORBIS and Mitsubishi Estate. The rest comes from App Ape, its own app-analytics service, which brought in 101 million yen in the same year. It has two head offices, in Kashiwa (Chiba) and Niigata, and had 207 employees at the end of June 2026.

Where growth is meant to come from

For the year to June 2027 the company forecasts revenue of 2.6 billion to 2.72 billion yen, up 29.4% to 35.4%, and operating profit of 180 million to 260 million yen, giving the figures as a range. It plans to win more orders by shifting sales from a referral-led approach to active outbound selling, by making joint proposals with its capital and business alliance partners Yappli and the Dentsu Group, and by moving to a development process built around AI.

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.