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GMO Commerce

GMOコマース

TSE Growth ・ Ticker 410A ・ Listed

Updated

Result on listing day

+80.6%

Offer price

1,180 yen

First traded price

2,131 yen

Selling 100 shares at the first traded price would have produced a gain of 95,100 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-09-08 — 2025-09-12
Lottery result
2025-09-16
Listing date
2025-09-25
Cash needed to apply for one lot (100 shares)
about 118,000 yen
Offering size (at the offer price)
2.1 billion yen ・ 1,803,600 shares
Market capitalisation at listing
6.1 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 親会社を含む上場前の株主全員に180日間
Company website
https://www.gmo-c.jp/

Closing prices after listing

Compared with the first traded price of 2,131 yen.

2025-09-251,772 yen-16.8%
2025-09-261,675 yen-21.4%
2025-09-291,669 yen-21.7%
2025-09-301,594 yen-25.2%
2025-10-011,581 yen-25.8%

Brokers you can apply through

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

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

What stands out

  • 15,370 shops were on monthly plans and the contract renewal rate was 86% (both 2024)
  • About 70% of revenue comes from fixed monthly subscription fees
  • In the year to December 2025, revenue rose 24.0% and net profit rose 57.1%

What could go wrong

  • Its core services sit on platforms run by LY Corporation and Meta (Instagram), so changes to their specifications or contract terms feed straight through
  • The parent, GMO Internet Group, is itself listed, a parent-subsidiary listing in which the interests of minority shareholders and the parent can diverge
  • Digital marketing has many competitors, and services that fall behind can lead to cancellations

About the company

Part of the GMO Internet Group, it runs LINE and Instagram marketing on behalf of restaurants and shops and earns monthly subscription fees.

How it makes money

It gives shops in retail, food service and apparel a complete package for marketing through LINE official accounts and Instagram, covering setup, day-to-day operation and performance reporting. In the year to December 2024, about 70% of revenue was fixed monthly subscription fees (1.36 billion yen), about 10% was usage-based fees tied to message volume (0.18 billion yen) and about 20% was advertising management fees and similar income (0.45 billion yen). It served 15,370 shops on monthly plans as of the end of December 2024, with a contract renewal rate of 86% (2024 average). It has been an authorised reseller of LINE official accounts under a contract with LY Corporation since 2019.

Where growth is meant to come from

In the year to December 2025 revenue rose 24.0% to 2.46 billion yen and net profit rose 57.1% to 0.34 billion yen. Its stated goals are to expand GMO Marketing Connect, the integrated marketing platform launched in February 2025, and to raise both the number of shops served and average revenue per shop. In July 2026 it made GMO Digital Lab a subsidiary.

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.