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Integroup

インテグループ

TSE Growth ・ Ticker 192A ・ Listed

Updated

Result on listing day

+50.0%

Offer price

3,960 yen

First traded price

5,940 yen

Selling 100 shares at the first traded price would have produced a gain of 198,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-06-03 — 2024-06-07
Lottery result
To be announced
Listing date
2024-06-18
Cash needed to apply for one lot (100 shares)
about 396,000 yen
Offering size (at the offer price)
2.4 billion yen ・ 609,600 shares
Market capitalisation at listing
8.1 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 代表取締役社長・取締役・従業員などの主要株主に180日間のロックアップが付されています。
Company website
https://www.integroup.jp/

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.

SMBC日興証券SBI証券

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

What stands out

  • A fully success-based fee with no retainer or interim fees, collected from both the seller and the buyer
  • The company forecasts revenue up 34.4% and net profit up 154.0% for the year to May 2027, and first-quarter revenue was up 161% year on year
  • Plans a dividend of 50 yen per share for the year to May 2027 (a 50% payout ratio) and has introduced a policy of paying at least 50 yen

What could go wrong

  • Each deal brings in a large fee, so delays or failures of large deals can swing results sharply (in the year to May 2026 revenue fell 17.7% and net profit fell 72.4%)
  • Results depend heavily on hiring and training M&A consultants
  • The government has asked the M&A advisory industry for better disclosure and similar measures, so changes in industry rules and conditions could affect the business

About the company

An M&A advisory firm that brings together people who want to sell a company and those who want to buy one, focusing mainly on deals involving small businesses.

How it makes money

It earns its money as an intermediary in M&A deals for small and medium-sized companies, collecting fees from both the seller and the buyer. Its distinguishing feature is a fully success-based fee: it charges no retainer or interim fees and is paid only when a deal closes (minimum fee 15 million yen before tax). In the year to May 2026 it closed 49 deals and had 49 M&A consultants at the year end.

Where growth is meant to come from

For the year to May 2027 it forecasts higher revenue and profit, with revenue of 2.09 billion yen (up 34.4%) and net profit of 0.22 billion yen (up 154.0%), and plans to close 62 deals. It aims to raise the number of deals per consultant by introducing a divisional structure and expanding a dedicated team that looks for buyers. In the first quarter (June to August 2026) revenue was 0.44 billion yen with 11 deals closed, both above the same period a year earlier.

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.