MEEQ

ミーク

TSE Growth ・ Ticker 332A ・ Listed

Updated Oct 1, 2026

Result on listing day

+5.6%

Offer price

800 yen

First traded price

845 yen

Selling 100 shares at the first traded price would have produced a gain of 4,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-03-05 — 2025-03-11
Lottery result: 2025-03-12
Listing date: 2025-03-21
Cash needed to apply for one lot (100 shares): about 80,000 yen
Offering size (at the offer price): 2.9 billion yen ・ 3,659,500 shares
Market capitalisation at listing: 9.1 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 親会社のソニーネットワークコミュニケーションズなど上位株主に180日間、ベンチャーキャピタル2社は90日間または株価1.5倍で解除
Company website: https://www.meeq.com/

Brokers you can apply through

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

SMBC日興証券大和証券あかつき証券マネックス証券楽天証券岡三証券極東証券東海東京証券松井証券水戸証券大和コネクト証券

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

What stands out

After two years of falling sales before listing, revenue rose 11.1% in the year to March 2025 and 19.7% in the year to March 2026 (non-consolidated basis)
One of the few MVNEs connected to all three carriers: NTT Docomo, KDDI and SoftBank
Operating margin was 18.1% in the year to March 2026, up from 14.6% in the year to March 2024 before listing

What could go wrong

In the two years before listing, revenue fell partly because a large customer became a carrier itself and its line count dropped; results depend heavily on large customers
Network line charges paid to carriers were about half of cost of sales (year to March 2025), so changes in terms with carriers can affect profits
No dividend has been paid, and none is planned for the year to March 2027

About the company

A behind-the-scenes telecom company: it supplies lines and back-office systems to budget SIM providers and others (an MVNE), and runs MEEQ, a platform where companies buy and manage SIM lines for IoT devices online.

How it makes money

It has one business, mobile IoT support, offered as two services. Its MVNE service works with the lines of NTT Docomo, KDDI and SoftBank and supplies lines, back-office systems and operational support as a package to budget SIM providers (MVNOs) and to non-telecom companies, such as retailers, that want to launch phone services under their own brand. Its IoT/DX platform MEEQ lets companies buy and manage data lines for IoT devices such as cameras online, from 143 yen a month including tax, along with tools for using the data. Customers keep paying for lines every month, so revenue builds up as recurring income.

Where growth is meant to come from

In the year to March 2026, the IoT/DX platform grew on demand such as high-capacity plans for cameras, and recurring income from MVNE customers won the year before kept building, taking revenue to 7.15 billion yen. In August 2025 it set up a subsidiary, MEEQ Mobile, which offers MVNO as a Service: non-telecom companies can launch a phone service under their own brand just by choosing a service name and price plan. For the year to March 2027 it forecasts revenue up 7.7% and net profit attributable to owners of the parent up 10.3%.

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.