Beginners IPO🔰 New to IPOs? Start here
← Back to the IPO list

Hutzper

フツパー

TSE Growth ・ Ticker 478A Listed

Result on listing day

+31.8%

Offer price

1,020 yen

First traded price

1,344 yen

Selling 100 shares at the first traded price would have produced a gain of 32,400 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-12-09 — 2025-12-15
Lottery result
2025-12-16
Listing date
2025-12-24
Cash needed to apply for one lot (100 shares)
about 102,000 yen
Offering size (at the offer price)
4 billion yen ・ 3,895,000 shares
Market capitalisation at listing
10 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 主要株主は180日間・ベンチャーキャピタル等は90日間(公開価格の1.5倍で解除)
Company website
https://hutzper.com/

Closing prices after listing

Compared with the first traded price of 1,344 yen.

2025-12-241,249 yen-7.1%
2025-12-251,257 yen-6.5%
2025-12-261,213 yen-9.7%
2025-12-291,335 yen-0.7%
2025-12-301,250 yen-7.0%

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.

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

What stands out

  • Image-recognition services, led by the MEKIKI BYTE inspection AI, make up about 70% of revenue
  • Revenue reached 1,256 million yen in the year to December 2025, about 2.1 times the previous year, with a first operating profit of 396 million yen
  • The monthly churn rate of the subscription service was 0.23% over the past year, so customers tend to keep using it

What could go wrong

  • The company ran a net loss every year through December 2024, so it has only one year of profit behind it
  • About 40% of full-year revenue falls in the fourth quarter, which makes progress hard to judge part-way through the year
  • For the year to December 2026 it plans to spend on hiring and advertising, so the operating margin is budgeted to fall from 32% to 24%

About the company

A company that helps manufacturers cope with labour shortages using AI, led by MEKIKI BYTE, a service that automates visual inspection on the factory floor with cameras and AI.

How it makes money

Its main service is MEKIKI BYTE, an AI visual-inspection service. Hutzper handles the whole package, from choosing and installing cameras and lighting to building the AI model and supporting retraining after installation, on a monthly fee of 298,000 yen in the first year and 98,000 yen per production line from the second year, cancellable at any time. Image-recognition services account for about 70% of revenue, and Custom Hutzper AI, bespoke AI development for large companies, for about 25%. It did business with 147 companies in the year to December 2025, 76.2% of them manufacturers.

Where growth is meant to come from

It turned an operating profit for the first time in the year to December 2025 and wiped out the losses accumulated since it was founded. For the year to December 2026 it plans revenue of 2.0 billion yen, up 59.2%, and operating profit of 480 million yen, and intends to grow its headcount past 100. The company points to forecasts that domestic DX investment by manufacturers will grow from 1,521.3 billion yen in fiscal 2024 to 2,984.3 billion yen in fiscal 2030, and aims to extend beyond inspection into areas such as production planning and predictive maintenance.

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.