HATCH WORK

ハッチ・ワーク

TSE Growth ・ Ticker 148A ・ Listed

Updated Mar 26, 2024

Result on listing day

+30.3%

Offer price

2,160 yen

First traded price

2,815 yen

Selling 100 shares at the first traded price would have produced a gain of 65,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-03-08 — 2024-03-14
Lottery result: To be announced
Listing date: 2024-03-26
Cash needed to apply for one lot (100 shares): about 216,000 yen
Offering size (at the offer price): 753 million yen ・ 348,700 shares
Market capitalisation at listing: 3.9 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 主要株主に180日間、一部は90日間/1.5倍解除条項付き
Company website: https://hatchwork.co.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日興証券松井証券 SBI証券岡三証券東海東京証券東洋証券極東証券アイザワ証券岡三オンライン (no longer offers IPOs)

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

What stands out

The core product is a cloud service that moves monthly parking management online, so usage fees accumulate month by month
Revenue grew from 2,056 million yen in the year to December 2023 to 2,759 million yen in the year to December 2025, about 1.3 times in two years
After a net loss in the year to December 2022 it returned to profit in the year to December 2023 and has stayed in the black for three years since

What could go wrong

For the year to December 2026 the company forecasts higher revenue but lower operating profit and lower net profit than the year before
It was loss-making at both the operating and the net level in the year to December 2022, before listing, so profits are only a few years old
Earnings are concentrated on the single market of monthly parking, which makes them sensitive to how much property management firms spend on digitalisation

About the company

A company that runs a cloud service which moves the whole process of renting a monthly parking space online, from application to contract and rent collection, together with a search site where drivers can find vacant spaces.

How it makes money

Its main segment is what the company calls the monthly-parking innovation business. It pairs At Parking Cloud, a cloud service for the firms that manage parking lots, with At Parking, a search site where drivers look for vacant spaces. Managers can list a lot, take applications, sign contracts and collect rent online. Revenue comes mainly from usage fees for that service, which recur every month while contracts continue. The second pillar is the building innovation business, which runs the At Business Center meeting rooms, a service for sharing rooms inside companies, and a community office called inSquare.

Where growth is meant to come from

The company starts from the more than 62.05 million cars registered in Japan and estimates that around 25 million parking spaces handled by management firms are the market it can approach directly. Its stated plan is to spread digitalisation across monthly parking and build up the number of contracted spaces. For the year to December 2026 it forecasts revenue of 3,385 million yen, up from 2,759 million yen, while operating profit is planned to fall from 242 million yen to 204 million yen.

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.