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Hanwa Homes

ハンワホームズ

名証ネクスト ・ Ticker 275A ・ Listed

Updated

Result on listing day

+10.4%

Offer price

270 yen

First traded price

298 yen

Selling 100 shares at the first traded price would have produced a gain of 2,800 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-10-30 — 2025-11-06
Lottery result
2025-11-07
Listing date
2025-11-17
Cash needed to apply for one lot (100 shares)
about 27,000 yen
Offering size (at the offer price)
118 million yen ・ 437,000 shares
Market capitalisation at listing
643 million yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 役員6名と法人株主1社(既存株主の全て)に180日間

Closing prices after listing

Compared with the first traded price of 298 yen.

2025-11-17378 yen+26.8%
2025-11-18312 yen+4.7%
2025-11-19345 yen+15.8%
2025-11-20425 yen+42.6%
2025-11-21505 yen+69.5%

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is フィリップ・キャピタル証券, which receives the largest allocation.

フィリップ・キャピタル証券SBI証券松井証券楽天証券マネックス証券東海東京証券東洋証券JTG証券広田証券DMM.com証券

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

What stands out

  • Two pillars — outdoor construction and the DEPOS outdoor furniture brand — let it handle design, construction and furniture delivery in one contract
  • Revenue of 2.38 billion yen and operating profit of 120 million yen in the year to February 2026, both company records
  • Listed on TOKYO PRO Market in November 2024 and moved up to the Nagoya Stock Exchange Next market a year later

What could go wrong

  • It trades on the Nagoya Next market, where volumes are thin and orders may not fill at the price you want
  • Results follow housing and commercial construction starts; the company posted a net loss in the year to February 2024
  • It relies heavily on borrowing — the equity ratio was 17.1% at the end of February 2026

About the company

Based in Sennan, Osaka, it builds outdoor spaces — house gardens, commercial sites and public parks — and sells outdoor furniture online.

How it makes money

The company has two pillars. The Space Creation business handles outdoor construction end to end, from the exteriors of detached houses — gate posts, parking areas, fences — to outdoor work for apartment blocks and commercial facilities and the development of public parks, with design and construction both done in-house. Its market is centred on Osaka and extends to Wakayama, Nara, Hyogo and Kyoto. The DEPOS business is its brand of outdoor furniture and garden goods, sourced directly from overseas makers and sold through Rakuten, Amazon, Yahoo! Shopping and its own website, as well as wholesale to businesses and through showrooms. Combining the two lets it take on corporate projects such as hotels and barbecue facilities, delivering both the construction work and the outdoor furniture under one contract.

Where growth is meant to come from

Revenue for the year to February 2026 came to 2.38 billion yen, about 27% higher than the year before, and operating profit was 120 million yen. Both were records for the company. In December 2024 it was selected as the planned operator of the Osaka prefectural Park-PFI project at Rinku Park (central district), and the money raised at listing is all earmarked as a loan to the subsidiary that will carry out the park construction work. For the year to February 2027, however, the company forecasts revenue of 2.59 billion yen (up 9.0%) but lower profits, with operating profit of 79 million yen (down 31.3%) and net profit of 39 million yen (down 42.6%).

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.