Garden

ガーデン

TSE Standard ・ Ticker 274A ・ Listed

Updated Oct 3, 2026

Result on listing day

-4.4%

Offer price

3,200 yen

First traded price

3,060 yen

Selling 100 shares at the first traded price would have produced a loss of 14,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-11-06 — 2024-11-12
Lottery result: To be announced
Listing date: 2024-11-22
Cash needed to apply for one lot (100 shares): about 320,000 yen
Offering size (at the offer price): 5.9 billion yen ・ 1,840,000 shares
Market capitalisation at listing: 21 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 株式会社マックや経営陣などの主要株主に180日間のロックアップが付されています。
Company website: https://gardengroup.co.jp/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is 東海東京証券, which receives the largest allocation.

東海東京証券マネックス証券松井証券 SBI証券岩井コスモ証券岡三証券みずほ証券大和証券水戸証券むさし証券あかつき証券岡三オンライン (no longer offers IPOs)大和コネクト証券

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

What stands out

Revenue of about 17.9 billion yen in the year to February 2026, up 4.3%, with its restaurant count rising to 212 by the end of May 2026
An annual dividend of 100 yen for the year to February 2026 (including a 10-yen dividend marking its 10th anniversary), with 90 yen forecast for the year to February 2027
Announced expansions of its shareholder perks program in April and July 2026

What could go wrong

In the year to February 2026, fewer customers due to extreme heat and price rises, one-off costs from M&A and overseas expansion, and impairment losses on unprofitable restaurants combined to cut operating profit by 29.6% and net profit by 48.2%
Operating profit in the first quarter of the year to February 2027 fell 65.1% year on year, the opposite direction to the full-year forecast (up 8.3%)
It is exposed to rising ingredient and labor costs and to changes in customer traffic caused by weather such as heat

About the company

A restaurant company that runs chains such as the iekei ramen shop "Ichikakuya" and "Yamashita Honki Udon", also making use of brands it has acquired through M&A.

How it makes money

Most revenue comes from ramen, centered on its main iekei ramen brand "Ichikakuya", alongside udon, the miso ramen brand "Manbaken" and the soba izakaya brand "Takadaya", run as company-owned and franchise (FC) restaurants. It had 212 restaurants at the end of May 2026 (178 company-owned, 1 outsourced and 33 franchised). Its growth strategy centers on M&A, buying other companies' brands and restaurants and turning them around.

Where growth is meant to come from

It began running "Manbaken" in 2025 and "Takadaya" from March 2026, and since late April 2026 has been adding the "Abura Soba Sohonten" signboard and menu to Ichikakuya restaurants. In Thailand it plans to open the first "Yamashita Honki Udon" in autumn 2026 through a joint venture with local brewer Boon Rawd Brewery. For the year to February 2027 it forecasts revenue of 20.35 billion yen (up 13.7%) and net profit of 0.84 billion yen (up 34.2%).

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.