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Manabi-aid

学びエイド

TSE Growth ・ Ticker 184A ・ Listed

Updated

Result on listing day

+32.2%

Offer price

970 yen

First traded price

1,282 yen

Selling 100 shares at the first traded price would have produced a gain of 31,200 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-05-13 — 2024-05-17
Lottery result
To be announced
Listing date
2024-05-28
Cash needed to apply for one lot (100 shares)
about 97,000 yen
Offering size (at the offer price)
817 million yen ・ 841,800 shares
Market capitalisation at listing
2.2 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 代表取締役ら主要株主に180日間、ベンチャーキャピタル保有分には90日間または公開価格の1.5倍以上での解除条項付きのロックアップが付されています。
Company website
https://corp.manabi-aid.jp/

Brokers you can apply through

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

SBI証券SMBC日興証券松井証券岩井コスモ証券岡三証券東洋証券極東証券岡三オンライン (no longer offers IPOs)SBIネオトレード証券

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

What stands out

  • Supplies cram schools and schools with video lessons in an unusual format — about five minutes each, with the teacher never on screen
  • Formed a capital and business alliance in May 2025 with the group behind the NOVA English schools and raised about 570 million yen through a third-party share allotment
  • Manabi-aid Master was adopted across every branch of the ITTO private tutoring chain in October 2025

What could go wrong

  • It has posted an operating loss two years running, in the years to April 2025 and April 2026, and revenue of 366 million yen in the latest year was below the 629 million yen it earned in the year it listed
  • NOVA Holdings holds a majority of the shares as the parent company, so minority shareholders have limited influence over how the company is run
  • Sales are concentrated among cram schools and other education providers, so earnings move with those customers' budgets and student numbers

About the company

An education technology company whose main service, Manabi-aid Master, supplies video lessons cut into segments of about five minutes each, with no teacher's face on screen, to cram schools and schools in Japan.

How it makes money

The core service is Manabi-aid Master, a library of video lessons. Each lesson runs for about five minutes and shows only the material, not the teacher, and cram schools, schools and other education providers use it with their own students. Most of the revenue is the fees those providers pay. The company also runs a membership service for individual learners and an online prep school called Tetsuyobi. It was founded in May 2015 and its financial year ends in April.

Where growth is meant to come from

In May 2025 it entered a capital and business alliance with the group behind the NOVA English conversation schools, raising about 570 million yen through a third-party share allotment. Since then it has been widening distribution through the group's network of classrooms — Manabi-aid Master was rolled out to every branch of the ITTO private tutoring chain in October 2025, and in July 2026 the company announced a tie-up with Last Resort, another NOVA group firm, aimed at high-school students studying abroad. A tender offer in May 2026 left NOVA Holdings holding a majority of the shares as its parent company, but the listing on the Tokyo Growth market has been kept.

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.