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IZAWA TOWEL

伊澤タオル

TSE Standard ・ Ticker 365A ・ Listed

Updated

Result on listing day

+2.0%

Offer price

750 yen

First traded price

765 yen

Selling 100 shares at the first traded price would have produced a gain of 1,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-06-04 — 2025-06-10
Lottery result
2025-06-11
Listing date
2025-06-20
Cash needed to apply for one lot (100 shares)
about 75,000 yen
Offering size (at the offer price)
4.3 billion yen ・ 5,750,000 shares
Market capitalisation at listing
7.5 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 上位株主のほぼ全てに180日間

Closing prices after listing

Compared with the first traded price of 765 yen.

2025-06-20824 yen+7.7%
2025-06-23795 yen+3.9%
2025-06-24779 yen+1.8%
2025-06-25741 yen-3.1%
2025-06-26723 yen-5.5%

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The joint lead underwriters are Mitsubishi UFJ Morgan Stanley Securities, SBI Securities, which receive the largest allocations.

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

What stands out

  • Towels from its own Towel Kenkyujo brand held the top three spots in Amazon Japan's towel bestseller ranking (as of February 28, 2025)
  • A fabless model that picks the partner factory to suit each towel, backed by 18 patents on towel manufacturing and other areas (as of April 30, 2025)
  • Revenue of 10.28 billion yen and net income of 0.73 billion yen in the year to February 2026, both up from 9.83 billion yen and 0.58 billion yen the year before

What could go wrong

  • Because most products are made overseas, results are sensitive to raw material prices such as cotton and to exchange rates, especially a weak yen
  • Most revenue comes from ODM and character products, so results depend on how its retail and toy maker customers are selling
  • Without its own factories, results depend on the output and quality of partner factories

About the company

A towel maker without its own factories that mainly designs and produces towels to order for convenience stores, discount stores and other retailers, and also runs its own brand, Towel Kenkyujo (タオル研究所).

How it makes money

Designing and producing towels to retailers' specifications (ODM) made up 56.6% of revenue in the year to February 2025, character towels and goods for toy makers 26.5%, and online sales of its own Towel Kenkyujo brand on Amazon and its own site 16.9%. It owns no factories, mainly outsourcing production to large partner factories overseas, while handling product design, manufacturing methods and quality control itself.

Where growth is meant to come from

It set up a US subsidiary in January 2025 and describes entering the US market as the first step toward creating a global standard for towels. For the year to February 2027 the company forecasts revenue of 11.65 billion yen, up from 10.28 billion yen, but net income of 0.64 billion yen, below the 0.73 billion yen of the year to February 2026.

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.