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L is B

TSE Growth ・ Ticker 145A ・ Listed

Updated

Result on listing day

+30.7%

Offer price

1,188 yen

First traded price

1,553 yen

Selling 100 shares at the first traded price would have produced a gain of 36,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-03-08 — 2024-03-13
Lottery result
To be announced
Listing date
2024-03-26
Cash needed to apply for one lot (100 shares)
about 118,800 yen
Offering size (at the offer price)
2 billion yen ・ 1,672,600 shares
Market capitalisation at listing
5.9 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90日間(一部は公開価格の1.5倍以上で解除条項あり)
Company website
https://l-is-b.com/ja/

Brokers you can apply through

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

野村證券SBI証券マネックス証券岩井コスモ証券岡三証券東洋証券水戸証券あかつき証券むさし証券岡三オンライン (no longer offers IPOs)

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

What stands out

  • Its core product direct is a business chat app for front-line workers in construction, manufacturing and logistics, and passed 10,000 client companies in February 2026
  • Consolidated revenue grew from 1.59 billion yen in the year to December 2024 to 2.13 billion yen a year later, and the company forecasts 2.82 billion yen for 2026
  • Its listed major customers include telecom and IT majors such as NTT East, KDDI, IIJ and Daiwabo Information System

What could go wrong

  • It ran operating losses in the years to December 2021 and 2022 and only returned to profit in the year to December 2023, and profits are still small
  • Business chat is a crowded market with large rivals, so competition on price and features is likely to continue
  • It has been adding companies such as System M's and IU BIM STUDIO since November 2024, so how well it integrates them is an open question

About the company

Develops and sells direct, a business chat app built for people who work on site — construction, manufacturing, logistics and similar front-line jobs.

How it makes money

Its main product is the business chat app direct, designed so that staff who never sit at a desk can use it from a smartphone. Client companies pay a monthly subscription. The company says the app passed 10,000 client companies in February 2026. It also sells AI-FAQ Bot, which answers common questions automatically, TagShot and TagAlbum for organising and sharing site photos, and Knowledge Video for in-house training. Its listed major customers include NTT East, KDDI, IIJ and Daiwabo Information System.

Where growth is meant to come from

It has been widening its range through acquisitions and investments — adding System M's in November 2024 and IU BIM STUDIO in October 2025, and setting up the investment arm directX Ventures in April 2025. For the year to December 2026 the company forecasts consolidated revenue of 2.82 billion yen, up 32.4%, and net profit of 180 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.