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

Infcurion

インフキュリオン

TSE Growth ・ Ticker 438A ・ Listed

Updated

Result on listing day

-7.1%

Offer price

1,680 yen

First traded price

1,560 yen

Selling 100 shares at the first traded price would have produced a loss of 12,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-10-09 — 2025-10-15
Lottery result
2025-10-16
Listing date
2025-10-24
Cash needed to apply for one lot (100 shares)
about 168,000 yen
Offering size (at the offer price)
13 billion yen ・ 7,718,500 shares
Market capitalisation at listing
34 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90日〜360日間(一部は株価が一定水準を超えると解除)
Company website
https://infcurion.com/

Closing prices after listing

Compared with the first traded price of 1,560 yen.

2025-10-241,451 yen-7.0%
2025-10-271,308 yen-16.2%
2025-10-281,271 yen-18.5%
2025-10-291,236 yen-20.8%
2025-10-301,157 yen-25.8%

Brokers you can apply through

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

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

What stands out

  • Supplies the platforms that let a company add card issuing or smartphone payments without building the system from scratch
  • Sumitomo Mitsui Financial Group holds 29.0% of the voting rights as an affiliated shareholder, and the company helps develop the group's corporate service Trunk
  • Revenue of 9.5 billion yen and operating profit of 440 million yen in the year to March 2026 were both records, and the company forecasts higher revenue and profit again for the year to March 2027

What could go wrong

  • The group only turned profitable in the year to March 2025, and its operating margin was still 4.6% in the year to March 2026
  • About 47% of consolidated revenue in the year to March 2025 came from one-off flow revenue such as initial development work, so results can swing with the number of projects won
  • In the first quarter of the year to March 2027 (April to June 2026) revenue rose 21.4% from a year earlier, but net profit fell 91.7%

About the company

Provides the platforms that let companies and banks embed card issuing and smartphone payment features into their own services.

How it makes money

It calls itself a payment enabler and runs three businesses. The payment platform business supplies Xard for issuing branded cards, Wallet Station for building a company's own payment service, and Winvoice for paying invoices by credit card. The merchant platform business provides Anywhere, a payment terminal service for shops. The consulting business advises banks and large companies on payments and finance. Revenue splits into one-off flow revenue such as initial development, recurring stock revenue based on monthly fees and payment volume, and consulting fees. Flow revenue was about 47% of consolidated revenue in the year to March 2025.

Where growth is meant to come from

The plan is to raise the share of recurring stock revenue, which grows as payment volume grows. For the year to March 2027 the company forecasts revenue of 11.2 billion yen, up 17.8%, and operating profit of 600 million yen, up 36.4%. It entered a capital and business alliance with Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Card in August 2024, and is helping develop Trunk, their digital financial service for corporate customers.

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.