TSE Growth ・ Ticker 352A ・ Listed
Updated
Offer price
1,250 yen
First traded price
1,280 yen
Selling 100 shares at the first traded price would have produced a gain of 3,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.
You can only enter this lottery through a broker underwriting it. The joint lead underwriters are Daiwa Securities, SBI Securities, which receive the largest allocations.
Broker pages are in Japanese. A comparison in English is on the brokers page.
A boutique fitness company that directly runs women's hot yoga studios (loIve) and machine Pilates studios (pilates K) across Japan.
Its studios are small and run group lessons in which one instructor teaches 20 to 30 members at a time, and every studio is company-operated. Most revenue comes from monthly membership fees. In the year to March 2026, fees made up 91.9% of revenue of 11.42 billion yen and sales of products such as its own-brand drinks and protein 7.6%. By brand, pilates K accounted for 57.8% and has overtaken the loIve hot yoga studios (39.5%) as the main business.
Under what it calls an oligopoly strategy, the company is moving quickly to build out its network in the growing machine Pilates market, and its studio count rose from 150 at the end of March 2025 to 251 at the end of August 2026. It plans 71 new studios, mainly pilates K, in the year to March 2027, and treats that year as an investment phase for profit growth from the year to March 2028 onward. For the year to March 2027 it forecasts revenue up 27.6% but, with heavy opening and advertising costs, net profit down 88.1% to 40 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.
