Ishin

イシン

TSE Growth ・ Ticker 143A ・ Listed

Updated Mar 25, 2024

Result on listing day

+106.9%

Offer price

1,080 yen

First traded price

2,234 yen

Selling 100 shares at the first traded price would have produced a gain of 115,400 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-03-06 — 2024-03-12
Lottery result: To be announced
Listing date: 2024-03-25
Cash needed to apply for one lot (100 shares): about 108,000 yen
Offering size (at the offer price): 609 million yen ・ 563,500 shares
Market capitalisation at listing: 2 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・役員等に180日間
Company website: https://ishin1853.co.jp/

Brokers you can apply through

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

みずほ証券 SMBC日興証券マネックス証券松井証券 SBI証券岩井コスモ証券東海東京証券丸三証券極東証券

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

What stands out

It has run its own trade media since launching ベンチャー通信 in 1999, giving it contact with both local governments and growing companies
Revenue rose from 1,280 million yen in the year to March 2024 to 1,429 million yen in the year to March 2026
It has added revenue sources step by step, with the HR business from October 2024 and the M&A brokerage from June 2025

What could go wrong

In the year to March 2026 revenue grew but operating profit fell from 245 million yen to 50 million yen, so earnings are not stable
It is a small company with 107 employees on a consolidated basis as of the end of June 2026, so hiring and retention can swing its results
It has paid no dividend since listing

About the company

A company that publishes its own trade media for local governments and for start-ups in Japan, and uses the readership and network it builds there to support other companies' marketing, hiring and business development.

How it makes money

The business is split into five parts. The public-private segment runs the 自治体通信 magazine for local governments and a web platform called BtoGプラットフォーム, and sells marketing and outsourced sales work to companies that want local governments as customers. The media PR segment supports the publicity of growing companies through the ベンチャー通信 magazine and a paid membership service, ベストベンチャー100. The global innovation segment, which has a base in Silicon Valley, helps large Japanese firms with open innovation through BLITZ Portal, an information portal focused on growth industries, and the TECHBLITZ media site. The HR segment places job seekers, including former civil servants, through a service called コムキャリ. The fifth is an M&A brokerage started in June 2025. Revenue comes from advertising and listing fees, platform usage fees, paid memberships, event fees, and commissions on recruitment placements and M&A deals.

Where growth is meant to come from

It has added businesses by taking the readers and the network of company owners built up through its media, and applying them to other lines of work. It launched a licensed recruitment placement business in October 2024, acquired the hiring-support firm レプセル as a subsidiary in April 2025, and started an M&A brokerage in June 2025. For the year to March 2027 the company forecasts revenue of 1,652 million yen and operating profit of 51 million yen.

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.