IACE TRAVEL

IACEトラベル

TSE Standard ・ Ticker 343A ・ Listed

Updated Apr 7, 2025

Result on listing day

-13.6%

Offer price

1,000 yen

First traded price

864 yen

Selling 100 shares at the first traded price would have produced a loss of 13,600 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-03-19 — 2025-03-26
Lottery result: 2025-03-27
Listing date: 2025-04-07
Cash needed to apply for one lot (100 shares): about 100,000 yen
Offering size (at the offer price): 1.4 billion yen ・ 1,350,900 shares
Market capitalisation at listing: 4.8 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（従業員持株会は対象外）
Company website: https://www.iace.co.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SBI証券マネックス証券松井証券岩井コスモ証券岡三証券丸三証券東洋証券極東証券あかつき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

Led by its core BTM service, revenue rose 11.9% and net profit rose 34.2% in the year to March 2026
Smart BTM charges no setup or monthly fees and earns a fee per booking, and was used by an average of 1,249 companies a month in the year to March 2026 (up 11.0%)
Paid its first dividend since listing, 30 yen a share, for the year to March 2026, plans to raise it to 38 yen for the year to March 2027, and has also introduced a shareholder benefit (QUO Card)

What could go wrong

Business travel demand depends on the economy and world events, and some companies are cutting trips by switching to online meetings or because airfares stay high
Work for government ministries and US military bases is won through open tenders, so revenue falls if contracts are not won
In the April to June 2026 quarter, revenue per BTM booking fell 4.1% year on year, so revenue did not grow as fast as the number of bookings (up 11.5%)

About the company

A travel company whose main business is business travel management (BTM), handling the flights, hotels and other arrangements companies need for business trips.

How it makes money

It takes on companies' domestic and overseas business trips as a package, from booking flights and hotels to visa applications and 24-hour emergency support. Its in-house cloud booking system, Smart BTM, charges no setup or annual fees and earns a fee on each booking, and it is combined with operators who handle requests by phone. Of revenue of 3.02 billion yen in the year to March 2026, the BTM service made up 1.55 billion yen, about half. It also arranges trips for central government ministries, runs travel shops on US military bases in Japan, sells tours to individuals, and has subsidiaries in Canada and Mexico. The total value of travel it handled was 26.66 billion yen, but for arranged trips such as air tickets only its fee is counted as revenue.

Where growth is meant to come from

Under its Vision2030 plan it targets 50 billion yen in total travel handled and operating profit of 1.5 billion yen for the year to March 2030, by getting more companies onto Smart BTM and automating its operations. For the year to March 2027 it forecasts revenue of 3.38 billion yen (up 11.9%) and net profit of 600 million yen (up 13.3%).

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.