Nihon Suido Consultants

日水コン

TSE Standard ・ Ticker 261A ・ Listed

Updated Oct 5, 2026

Result on listing day

-6.2%

Offer price

1,430 yen

First traded price

1,341 yen

Selling 100 shares at the first traded price would have produced a loss of 8,900 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-09-27 — 2024-10-03
Lottery result: To be announced
Listing date: 2024-10-16
Cash needed to apply for one lot (100 shares): about 143,000 yen
Offering size (at the offer price): 8.6 billion yen ・ 6,032,000 shares
Market capitalisation at listing: 17 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 上位株主に180日間
Company website: https://www.nissuicon.co.jp

Brokers you can apply through

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

野村證券岡三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

Revenue of about 24.4 billion yen in the year to December 2025 (up 3.7%) and net profit attributable to owners of the parent of about 1.7 billion yen (up 16.0%)
Orders of 26.5 billion yen in the year to December 2025 (up 10.9%), with an order backlog of 24.8 billion yen at year-end (up 9.1%)
Targets a consolidated payout ratio of around 50%, paying an annual dividend of 74 yen for the year to December 2025, with 74 yen also forecast for the year to December 2026

What could go wrong

Most of its work is public works, so results depend on national and local government budgets and ordering
First-half results for the year to December 2026 showed revenue down 4.9% and net profit attributable to owners of the parent down 30.7%; the company says progress on its existing work is behind last year's pace
Its full-year forecast for the year to December 2026 has net profit attributable to owners of the parent down 4.1%

About the company

A construction consulting firm that plans and designs water-related infrastructure, mainly water supply and sewerage systems.

How it makes money

It earns revenue by taking on work for water supply, sewerage and river projects run by local governments and others, including facility planning and design, measures against aging and earthquakes, and disaster countermeasures. In the year to December 2025, sewerage made up about half of revenue, water supply about 36% and rivers and other work about 14%. It is also focusing on work related to "Water PPP", public-private partnerships that bring private-sector know-how into running water and sewerage systems.

Where growth is meant to come from

The company says demand for disaster countermeasures and measures against aging infrastructure has grown following the Noto Peninsula earthquake (January 2024) and the road collapse in Yashio, Saitama (January 2025). It published its long-term "Nissuicon Group Vision 2030" in December 2025, and the year to December 2026 is its first year. For that year it forecasts revenue of 24.9 billion yen (up 2.0%) and net profit attributable to owners of the parent of 1.66 billion yen (down 4.1%).

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.