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JSH

TSE Growth ・ Ticker 150A ・ Listed

Updated

Result on listing day

+95.8%

Offer price

456 yen

First traded price

893 yen

Selling 100 shares at the first traded price would have produced a gain of 43,700 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-03-08 — 2024-03-14
Lottery result
To be announced
Listing date
2024-03-26
Cash needed to apply for one lot (100 shares)
about 45,600 yen
Offering size (at the offer price)
446 million yen ・ 977,500 shares
Market capitalisation at listing
2.5 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 既存株主に180日間または90日間/1.5倍解除条項付き
Company website
https://www.jsh-japan.jp/

Brokers you can apply through

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

SBI証券岡三証券みずほ証券FFG証券アイザワ証券岡三オンライン (no longer offers IPOs)SBIネオトレード証券

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

What stands out

  • Builds its business around two social issues — employment for people with disabilities outside the big cities, and psychiatric home care
  • Revenue has grown from 3.48 billion yen in the year to March 2024 to 4.74 billion yen in the year to March 2026
  • The legally required employment rate for people with disabilities is set to rise to 2.7% in July 2026

What could go wrong

  • In the year to March 2026 revenue rose 19.5% but the company posted an operating loss of 105 million yen, swinging from a profit the year before
  • The business rests on public systems such as the disability employment quota and medical fee schedules, so rule changes can affect results
  • It keeps opening new farms and nursing stations, and costs come first while it expands, so profits can swing

About the company

Supports companies in employing people with disabilities through farms it runs in rural Japan, and provides home-visit nursing specializing in psychiatric care.

How it makes money

It has two businesses. The regional revitalization business rents plots at its Cordiale farms in rural areas such as Nagasaki, Miyazaki and Fukuoka to client companies, which employ local people with disabilities there while JSH handles everything from hiring to helping them settle into the job. It now runs 27 farms. The home medical care business operates 43 visiting-nurse stations across Japan specializing in psychiatric care, staffed by more than 190 nurses, and it also advises psychiatric clinics on starting home-visit practices. Revenue was 4.74 billion yen in the year to March 2026.

Where growth is meant to come from

The legally required share of employees with disabilities rose to 2.5% in April 2024 and is set to rise to 2.7% in July 2026, and the company plans to add farms on the back of that. For the year to March 2027 it forecasts revenue of 6.46 billion yen, up 36.3%, and operating profit of 395 million yen, returning to profit from an operating loss.

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.