LION OFFICE PRODUCTS

ライオン事務器

TSE Standard ・ Ticker 423A ・ Listed

Updated Oct 21, 2025

Result on listing day

+75.6%

Offer price

213 yen

First traded price

374 yen

Selling 100 shares at the first traded price would have produced a gain of 16,100 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-09-29 — 2025-10-03
Lottery result: 2025-10-06
Listing date: 2025-10-15
Cash needed to apply for one lot (100 shares): about 21,300 yen
Offering size (at the offer price): 1 billion yen ・ 4,906,300 shares
Market capitalisation at listing: 6.7 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 筆頭株主の大塚商会や創業家などに180日間（2026年4月12日まで）
Company website: https://www.lion-jimuki.co.jp/

Closing prices after listing

Compared with the first traded price of 374 yen.

2025-10-15454 yen+21.4%

2025-10-16374 yen+0.0%

2025-10-17335 yen-10.4%

2025-10-20333 yen-11.0%

2025-10-21321 yen-14.2%

Brokers you can apply through

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

みずほ証券マネックス証券松井証券 SBI証券楽天証券岩井コスモ証券岡三証券丸三証券水戸証券広田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

A long-established maker founded in 1792, behind office staples such as files and staplers
Revenue and operating profit have both risen for two years running, reaching 37.0 billion yen and 1.19 billion yen in the year to September 2025
The education unit, which supplies ICT equipment to schools, has grown to about 1.4 times its level two years earlier

What could go wrong

The operating margin is thin at about 3%, so rising material and logistics costs weigh on profit
Profit is concentrated in the January-March quarter, when deliveries to schools and public offices peak, so quarterly results swing widely
Its partnership with Otsuka Corporation, its largest shareholder, is one pillar of earnings, so a change in that relationship would have an impact

About the company

A company founded in 1792 that makes and sells stationery such as files and staplers along with office furniture, and has recently expanded into ICT equipment for schools and office interior work.

How it makes money

Revenue is split across three business units - dealers, enterprise and education - which brought in 15.7 billion, 10.9 billion and 10.4 billion yen respectively in the year to September 2025. The dealer unit, its original business of wholesaling to stationery and office-supply shops nationwide, is the base. The enterprise unit sells through partnerships with large companies and directly to corporate customers, and the education unit supplies PCs and tablets to public elementary and junior high schools, mainly through local-government tenders. It is both a maker of its own LION-brand products and a trading house that sources other makers' goods, and it also runs NAVILION, an online store for business customers.

Where growth is meant to come from

The plan is to grow two areas. One is its 'whole-office proposal' approach, where it takes on electrical and interior work as well as supplying the furniture when a customer moves or rearranges an office. The other is NAVILION, the online store where consumables are bought again and again. It also expects to pick up replacement demand for school ICT equipment. For the year to September 2026 the company forecasts revenue of 40.7 billion yen, up 10.0%, and operating profit of 1.4 billion yen, up 17.7%.

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.