Beginners IPO🔰 New to IPOs? Start here
← Back to the IPO list

Kitazato

北里

TSE Prime ・ Ticker 368A ・ Listed

Updated

Result on listing day

+49.3%

Offer price

1,340 yen

First traded price

2,001 yen

Selling 100 shares at the first traded price would have produced a gain of 66,100 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-06-10 — 2025-06-13
Lottery result
2025-06-16
Listing date
2025-06-25
Cash needed to apply for one lot (100 shares)
about 134,000 yen
Offering size (at the offer price)
22 billion yen ・ 16,100,000 shares
Market capitalisation at listing
54 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 上位株主に180日間

Closing prices after listing

Compared with the first traded price of 2,001 yen.

2025-06-251,812 yen-9.4%
2025-06-261,782 yen-10.9%
2025-06-271,630 yen-18.5%
2025-06-301,716 yen-14.2%
2025-07-011,836 yen-8.2%

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The joint lead underwriters are Nomura Securities, SMBC Nikko Securities, which receive the largest allocations.

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

What stands out

  • Sales come mainly from consumables used in every fertility treatment, so they repeat
  • Develops in-house the products at the centre of treatment, such as the Cryotop vitrification device for embryos
  • High margins - revenue of 10.95 billion yen and operating profit of 5.86 billion yen in the year to March 2026

What could go wrong

  • Sales track the number of fertility treatments carried out, so changes to public insurance cover or subsidies feed straight through
  • The products touch human eggs and embryos directly, so a quality problem would have a large impact
  • At the IPO no new shares were issued - every share offered was sold by existing holders, so the company raised no new money

About the company

A medical device maker that supplies the culture media, freezing devices and fine instruments used in fertility clinics for IVF.

How it makes money

It develops, manufactures and sells products for clinics that carry out assisted reproduction - culture media for growing embryos, devices for freezing and storing eggs and embryos, and instruments such as egg-collection needles and pipettes for micro-insemination. Most are consumables used up in each treatment cycle, so sales repeat for as long as treatments continue. In the year to March 2025, sales by category were 3.61 billion yen for culture media (Media), 3.17 billion yen for freezing devices (Cryodevice), 2.32 billion yen for medical devices and 1.01 billion yen for micro tools.

Where growth is meant to come from

Consolidated revenue rose to 10.95 billion yen in the year to March 2026, with operating profit of 5.86 billion yen, so more than half of revenue still comes through as operating profit. The company has published a three-year management plan covering the years to March 2027 through March 2029.

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.