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iGrid Solutions

アイ・グリッド・ソリューションズ

TSE Growth ・ Ticker 603A Listed

Result on listing day

+23.8%

Offer price

770 yen

First traded price

953 yen

Selling 100 shares at the first traded price would have produced a gain of 18,300 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2026-07-13 — 2026-07-16
Lottery result
2026-07-17
Listing date
2026-07-29
Cash needed to apply for one lot (100 shares)
about 77,000 yen
Offering size (at the offer price)
9.5 billion yen ・ 12,351,500 shares
Market capitalisation at listing
27 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 既存株主の大半に180日間
Company website
https://igrid.co.jp/

Closing prices after listing

Compared with the first traded price of 953 yen.

2026-07-29830 yen-12.9%
2026-07-30796 yen-16.5%
2026-07-31700 yen-26.5%
2026-08-03728 yen-23.6%
2026-08-04728 yen-23.6%

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is Nomura Securities, which receives the largest allocation.

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

What stands out

  • The domestic leader in on-site PPA, generating solar power on the roofs of commercial buildings
  • Revenue and profit both forecast to rise in the years to June 2026 and June 2027
  • Itochu is the largest shareholder. Kansai Electric is selling its entire holding in this offering and leaves the shareholder register

What could go wrong

  • A large amount is being sold at listing, an offering of about 9.5 billion yen, so supply will weigh on the shares immediately after
  • The business requires heavy investment in solar generating equipment, which makes it sensitive to rising interest rates
  • The company has never paid a dividend since it was founded

About the company

A renewable energy company and the domestic leader in on-site PPA, generating solar power on the roofs of commercial buildings.

How it makes money

Its core business is on-site PPA: installing solar panels on the roofs of commercial and logistics facilities and supplying the electricity generated to that same facility. It also uses AI to forecast and aggregate surplus power that the facility cannot use, and sells it to other companies, so it covers everything from generation through to retail supply of electricity. Itochu is its largest shareholder.

Where growth is meant to come from

Installed on-site solar reached 1,461 facilities and 390 MW by the end of March 2026, with generating capacity growing at an average of 58% a year. Alongside PPAs where it owns the equipment itself, it is expanding an asset-light model where partners own the equipment. For the year to June 2027 it forecasts revenue of about 31 billion yen and higher operating profit.

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.