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Globe-ing

グロービング

TSE Growth ・ Ticker 277A ・ Listed

Updated

Result on listing day

+23.6%

Offer price

4,530 yen

First traded price

5,600 yen

Selling 100 shares at the first traded price would have produced a gain of 107,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-11-14 — 2024-11-20
Lottery result
To be announced
Listing date
2024-11-29
Cash needed to apply for one lot (100 shares)
about 453,000 yen
Offering size (at the offer price)
4.9 billion yen ・ 1,085,600 shares
Market capitalisation at listing
26 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 代表取締役をはじめとする主要株主に180日間のロックアップが付されています(価格による解除条項はありません)。
Company website
https://globe-ing.com/

Brokers you can apply through

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

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

What stands out

  • Revenue of 11.51 billion yen in the year to May 2026, up 39.4%, and profit attributable to owners of the parent of 3.05 billion yen, up 72.6%
  • Paid its first dividend since listing (16.10 yen for the year) for the year to May 2026, with 35.60 yen forecast for the year to May 2027
  • Moved from the TSE Growth market to the TSE Prime market on April 30, 2026

What could go wrong

  • About 20% of revenue comes from Toyota Motor, so changes in business with large clients can strongly affect results
  • Revenue depends on the number of consultants and their billing rates, so growth slows if hiring stalls or staff leave
  • Accounting switches to IFRS from the year to May 2027, making direct comparison with figures up to the year to May 2026 harder

About the company

A consulting firm that advises the top management of large companies on strategy and digital transformation, and whose consultants also work inside client companies to run projects alongside them.

How it makes money

Almost all revenue (about 96% in the year to May 2026) comes from consulting. Beyond ordinary advice, it focuses on its "JI (Joint Initiative)" style of support, in which consultants take the client's side (including on secondment) and drive reforms as the people responsible for the business, with a strategy of building up large, long-term clients. In the year to May 2026, sales to Toyota Motor came to 2.31 billion yen, about 20% of the total.

Where growth is meant to come from

It is building an AI business that co-develops AI agents embedding its consulting know-how (such as "Globe-ing-kun" and "AI Gijikon") with large companies; AI revenue was 0.41 billion yen in the year to May 2026. From the year to May 2027 it switches to International Financial Reporting Standards (IFRS), and forecasts revenue of 16.1 billion yen and profit attributable to owners of the parent of 3.38 billion yen. With its results in July 2026, it also announced a plan to move to a holding-company structure on December 1, 2026 and rename itself "WAO Holdings".

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.