Hammock

ハンモック

TSE Growth ・ Ticker 173A ・ Listed

Updated Apr 11, 2024

Result on listing day

+4.9%

Offer price

2,060 yen

First traded price

2,160 yen

Selling 100 shares at the first traded price would have produced a gain of 10,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-03-27 — 2024-04-02
Lottery result: To be announced
Listing date: 2024-04-11
Cash needed to apply for one lot (100 shares): about 206,000 yen
Offering size (at the offer price): 3.1 billion yen ・ 1,526,000 shares
Market capitalisation at listing: 9 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 代表取締役ほか役員および主要株主に180日間のロックアップが付されています。
Company website: https://www.hammock.jp/

Brokers you can apply through

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

SMBC日興証券野村證券みずほ証券 SBI証券松井証券岩井コスモ証券岡三証券東海東京証券丸三証券あかつき証券岡三オンライン (no longer offers IPOs)SBIネオトレード証券

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

What stands out

Annual recurring revenue from AssetView cloud services reached 1.53 billion yen at the end of March 2026, up 32.4% year on year, with a churn rate of 0.35%
Revenue has risen for three straight years, reaching 4.89 billion yen in the year to March 2026 with an operating margin of 17.1%
It paid an annual dividend of 40 yen per share for the year to March 2026 and plans 65 yen for the year to March 2027, made up of 20 yen at the interim and 45 yen at the year-end

What could go wrong

The AssetView series for IT asset management made up 64% of revenue in the year to March 2026, so earnings lean on a single product line
Of the three pillars, AI Data Entry shrank in the year to March 2026, with revenue down 17.6% to 0.40 billion yen
The company forecasts higher revenue and operating profit for the year to March 2027 but net profit of 585 million yen, down 14.6%; the year to March 2026 included 178 million yen of extraordinary gains on the sale and redemption of investment securities

About the company

A software company that develops and sells its own business software to Japanese companies, centred on AssetView for IT asset management, alongside sales support and AI character recognition products.

How it makes money

It has three revenue pillars. In the year to March 2026, the AssetView series for IT asset management and security (the Network Solution line) brought in 3.14 billion yen, business card management and sales support products such as Hot Profile (the Sales DX line) 1.36 billion yen, and AI OCR data entry services (the AI Data Entry line) 0.40 billion yen. All are software it develops itself and sells to private companies and public bodies, and it is part-way through shifting customers from one-off licences to monthly cloud subscriptions. Annual recurring revenue from AssetView cloud services stood at 1.53 billion yen at the end of March 2026, with a churn rate of 0.35 percent. Much of its selling is done through distributors, and Otsuka Corporation alone accounted for about 11 percent of revenue in the year to March 2026.

Where growth is meant to come from

Its stated approach is to keep turning out new features and new products in-house at speed, so as to both win new customers and lift the renewal rate among existing ones. Its plan for the year to March 2027 is 3.40 billion yen from the Network Solution line, 1.45 billion yen from Sales DX and 0.44 billion yen from AI Data Entry, for revenue of 5.29 billion yen, up 8.1 percent.

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.