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INTERMESTIC

インターメスティック

TSE Prime ・ Ticker 262A ・ Listed

Updated

Result on listing day

+25.0%

Offer price

1,630 yen

First traded price

2,038 yen

Selling 100 shares at the first traded price would have produced a gain of 40,800 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-09-30 — 2024-10-04
Lottery result
To be announced
Listing date
2024-10-18
Cash needed to apply for one lot (100 shares)
about 163,000 yen
Offering size (at the offer price)
20 billion yen ・ 12,330,200 shares
Market capitalisation at listing
50 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: ルイ・ボストンや上野代表取締役社長ら主要株主に180日間
Company website
https://www.zoff.com/

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

  • Revenue of about 50.2 billion yen in the year to December 2025 (up 11.8%) and net profit attributable to owners of the parent of about 4.1 billion yen (up 17.2%)
  • First-half revenue for the year to December 2026 was 43.3 billion yen (up 80.7% year on year), with scale greatly expanded by the addition of Megane Super
  • An annual dividend of 44 yen for the year to December 2025, with 51 yen forecast for the year to December 2026

What could go wrong

  • Borrowings rose with the acquisition, and goodwill stood at about 13.8 billion yen at the end of June 2026. If the acquired business underperforms its plan, the company may have to write down that goodwill (an impairment)
  • As a retailer it depends on consumer spending, which is sensitive to inflation and a weak yen
  • The large revenue increase forecast for the year to December 2026 comes from adding Megane Super, so it should be viewed separately from the growth of the existing Zoff business

About the company

An eyewear retailer that runs the Zoff glasses brand nationwide and added Megane Super ("Meganesuper") to the group in 2025, selling glasses and contact lenses.

How it makes money

Its main revenue comes from selling glasses and sunglasses in stores and online. At the end of June 2026 it had 345 Zoff stores and 302 Megane Super stores in Japan, plus 20 overseas (17 franchised stores in Hong Kong and 3 directly run stores in Singapore). The Megane Super group, acquired in October 2025, focuses on contact lenses and sells more contact lenses than glasses.

Where growth is meant to come from

In October 2025 it bought the group that runs Megane Super for about 20 billion yen, becoming an eyewear retailer with more than 600 stores. The company says it will keep pursuing roll-up acquisitions of other players in the industry. For the year to December 2026, with Megane Super included for the full year, it forecasts revenue of 85.8 billion yen (up 71.1%) and net profit attributable to owners of the parent of 4.75 billion yen (up 15.4%).

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.