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

Kuroda Group

黒田グループ

TSE Standard ・ Ticker 287A ・ Listed

Updated

Result on listing day

+26.4%

Offer price

700 yen

First traded price

885 yen

Selling 100 shares at the first traded price would have produced a gain of 18,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-11-29 — 2024-12-04
Lottery result
To be announced
Listing date
2024-12-17
Cash needed to apply for one lot (100 shares)
about 70,000 yen
Offering size (at the offer price)
9.8 billion yen ・ 13,970,400 shares
Market capitalisation at listing
33 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 筆頭株主ケイエム・ツー・エルピー(対象31,575,280株)に180日間

Brokers you can apply through

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

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

What stands out

  • Operating profit of 6.54 billion yen in the year to March 2026, up 10.3%
  • The manufacturing business's operating margin of 14.1% is far above the trading business's 3.5% (year to March 2026)
  • An annual dividend of 61 yen for the year to March 2026, with 63 yen forecast for the year to March 2027

What could go wrong

  • About 40% of revenue comes from the Denso group, so it depends heavily on one customer group
  • Profit attributable to owners of the parent fell 10.0% in the year to March 2026, partly because of a higher tax burden
  • It is exposed to overseas conditions such as Japanese carmakers' struggles in China, US trade policy and China's tighter export controls on rare earths

About the company

A company with two pillars, a trading business that supplies electronic components and electrical materials to car and electronics makers, and a manufacturing business that makes printing plates for LCDs, hard-disk-drive parts and more.

How it makes money

The trading business, about 75% of revenue, mainly sells electronic components and electrical materials to automotive and electronics companies. The manufacturing business makes printing plates used to form alignment films on LCD panels, automation equipment, hard-disk-drive parts and large plastic-injection molds for cars; it is smaller in revenue but earns higher margins. In the year to March 2026, sales to the Denso group made up about 40% of the total (49.47 billion yen).

Where growth is meant to come from

The company aims for a basic revenue mix of one part manufacturing to two parts trading, and is reviewing its business portfolio, including the possibility of acquiring new manufacturing companies. The spread of generative AI has increased production of hard disk drives for data centers, lifting sales of related parts. For the year to March 2027 it forecasts revenue up 1.8% and profit attributable to owners of the parent up 16.4%.

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.