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itamiarts inc.

イタミアート

TSE Growth ・ Ticker 168A ・ Listed

Updated

Result on listing day

+25.0%

Offer price

1,600 yen

First traded price

2,000 yen

Selling 100 shares at the first traded price would have produced a gain of 40,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-03-21 — 2024-03-27
Lottery result
To be announced
Listing date
2024-04-08
Cash needed to apply for one lot (100 shares)
about 160,000 yen
Offering size (at the offer price)
1 billion yen ・ 655,500 shares
Market capitalisation at listing
2.4 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: イタミホールディングスや代表者らに180日間、ベンチャーキャピタル保有分には90日間または公開価格の1.5倍以上での解除条項付きのロックアップが付されています。
Company website
https://www.itamiarts.co.jp/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is 東海東京証券, which receives the largest allocation.

東海東京証券マネックス証券楽天証券東洋証券あかつき証券

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

What stands out

  • Runs 18 business-to-business e-commerce sites and has served more than 300,000 customers to date
  • Direct-to-business model covering everything from planning to shipping, with orders, production and dispatch run on in-house systems
  • Revenue grew about 2.3 times in four years, from 2.11 billion yen in the year to January 2022 to 4.76 billion yen in the year to January 2026

What could go wrong

  • Revenue rose in the year to January 2026, but operating profit fell from 272 million yen to 217 million yen and net profit from 165 million yen to 151 million yen
  • In the first half of the year to January 2027, from February to July, revenue rose 39.4% to 2.91 billion yen while ordinary profit fell 39.1% to 67 million yen
  • The business depends on traffic to its e-commerce sites, and at the end of the year to January 2026 the equity ratio was 26.2% with interest-bearing debt of 2.93 billion yen

About the company

An Okayama-based company that manufactures promotional items such as nobori banners and outdoor banners in its own factories and sells them directly to businesses through its King Series e-commerce sites.

How it makes money

It runs 18 e-commerce sites, including Nobori King and Odanmaku King, selling large promotional items such as nobori banners, cloth banners and signboards to companies and shops. Product planning, site development, marketing, order taking, manufacturing and shipping are all handled in house without intermediaries, and the whole flow from order to dispatch is managed by systems the company built itself. Consolidated revenue for the year to January 2026 was 4.76 billion yen, and the group had 413 employees including part-timers as of January 2026.

Where growth is meant to come from

It acquired Tokyo Neo Print in 2025 and began reporting on a consolidated basis from the year to January 2026. The company keeps opening and renewing e-commerce sites, and forecasts consolidated revenue of 6.0 billion yen for the year to January 2027, up 26.0%, with net profit of 167 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.