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Nihon OA Research

日本オーエー研究所

名証ネクスト ・ Ticker 5241 ・ Listed

Updated

Result on listing day

+9.1%

Offer price

550 yen

First traded price

600 yen

Selling 100 shares at the first traded price would have produced a gain of 5,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-12-06 — 2024-12-12
Lottery result
To be announced
Listing date
2024-12-23
Cash needed to apply for one lot (100 shares)
about 55,000 yen
Offering size (at the offer price)
114 million yen ・ 207,000 shares
Market capitalisation at listing
442 million yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 代表取締役社長ほか既存株主(対象624,000株)に180日間

Brokers you can apply through

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

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

What stands out

  • Long experience developing large government systems, including for national tax and customs
  • Revenue of 2.99 billion yen and net profit of 108 million yen for the year to December 2025, both higher than the year before
  • Moved from the Nagoya Stock Exchange Next market to its Main market on March 4, 2026

What could go wrong

  • Revenue is hard to grow once large government projects wind down (revenue grew only 1.4% in the year to December 2025)
  • A shortage of IT engineers and rising labour costs could squeeze profit
  • The IPO raised only about 110 million yen, so trading may be thin and the share price may move sharply

About the company

An independent system developer founded in 1983 that builds business systems under contract for government agencies, financial institutions and other companies.

How it makes money

Its core since founding has been public-sector work for government agencies, including systems related to national tax and customs. It also builds core systems for banks, insurers and brokers, and systems for companies such as telecom and gas firms. Its engineers develop systems under contract and are paid by clients for that work; system development is its only business segment.

Where growth is meant to come from

It plans to expand its public-sector and financial work and to move into digital transformation support and cloud services, while putting effort into hiring and training engineers. For the year to December 2026 the company forecasts revenue of 3.04 billion yen (up 1.7%) and net profit of 100 million yen (down 7.4%), meaning higher revenue but lower profit.

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.