Hikari Food Service

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TSE Growth ・ Ticker 138A ・ Listed

Result on listing day

+119.9%

Offer price

2,660 yen

First traded price

5,850 yen

Selling 100 shares at the first traded price would have produced a gain of 319,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-02-09 — 2024-02-16
Lottery result: To be announced
Listing date: 2024-02-28
Cash needed to apply for one lot (100 shares): about 266,000 yen
Offering size (at the offer price): 979 million yen ・ 368,000 shares
Market capitalisation at listing: 2.6 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 既存株主4名(エム・カンパニーほか)に180日間
Company website: https://hikari-food-service.jp/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is 東海東京証券, which receives the largest allocation.

東海東京証券SMBC日興証券楽天証券岡三証券極東証券水戸証券DMM.com証券岡三オンライン

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

What stands out

Based in Nagoya, it runs several restaurant brands with the Daikoku stand-up skewer bars at the centre
Revenue rose for three years running, from 2.22 billion yen in the year to November 2023 to 2.56 billion and then 2.86 billion yen in the year to November 2025
Preparation work such as skewering is handled at two central kitchens in Aichi Prefecture, so outlets do not need a trained chef

What could go wrong

As a restaurant business it is exposed to rises in food, labour and energy costs and to shifts in how much people eat out
Its head office and both central kitchens are in Aichi Prefecture, so its outlets are concentrated in one part of the country
Revenue is growing, but net profit has not. It was 201 million yen in the year to November 2023 against 100 million and 102 million yen in the two years since

About the company

A restaurant operator based in Nagoya, best known for Daikoku, its chain of small stand-up bars serving grilled pork skewers.

How it makes money

Its core format is Daikoku, a stand-up bar serving grilled pork skewers. It also runs Uotsubaki, a stand-up bar built around seafood, and Kanayamaya, a Yokohama-style ramen shop. The model is many small outlets of around 30 square metres each. Preparation work such as skewering is concentrated at two central kitchens in Aichi Prefecture, in Nagoya and Tsushima, so that individual outlets can run without a trained chef on site. The company clusters several outlets in the same catchment area and also recruits franchisees.

Where growth is meant to come from

The company says its aim is to become Japan's leading stand-up bar brand, and it adds outlets within the area its central kitchens can serve. Revenue has risen for three consecutive years through the year to November 2025, and during 2026 it has continued both to open new outlets and to close weaker ones. Alongside its own outlets it keeps recruiting franchisees.

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.