OPRO

オプロ

TSE Growth ・ Ticker 228A ・ Listed

Updated Oct 4, 2026

Result on listing day

+28.7%

Offer price

1,300 yen

First traded price

1,673 yen

Selling 100 shares at the first traded price would have produced a gain of 37,300 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-08-05 — 2024-08-09
Lottery result: To be announced
Listing date: 2024-08-21
Cash needed to apply for one lot (100 shares): about 130,000 yen
Offering size (at the offer price): 852 million yen ・ 655,500 shares
Market capitalisation at listing: 2.9 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 役員・従業員持株会等に180日間のロックアップ(一部は90日間または公開価格の1.5倍で解除)
Company website: https://www.opro.net/

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 SBI証券マネックス証券松井証券楽天証券

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

What stands out

Provides cloud services for document production, online applications and subscription sales management, with more than 80% of revenue coming from recurring income
Revenue rose 21.3% from 2.10 billion yen in the year to November 2024 to 2.55 billion yen in the year to November 2025, and net profit from 0.15 billion yen to 0.24 billion yen
At the end of November 2025 its ARR (annual recurring revenue) was about 2.17 billion yen, about 60% of it from large companies and public bodies

What could go wrong

In the year to November 2025 ARR fell short of the company's own expectations, growing 15.1% year on year; the company attributes this to limited growth in new orders
Its products have so far been built mainly around other companies' platforms such as Salesforce and kintone, so changes in those platforms' specifications or policies could affect it
In light of its results for the year to November 2025, the company has reset the target date for its medium-term goal of about 10 billion yen in ARR to the year to November 2031, and progress may not go to plan

About the company

An IT company that provides cloud services for producing business documents such as quotes, invoices and application forms, for online applications, and for managing subscription sales.

How it makes money

Its main products are 帳票DX (the successor to oproarts), which automatically produces documents such as quotes, invoices and payslips from data held in systems like Salesforce and SAP, and カミレス, an online application service for financial institutions and public bodies that lets people fill in forms on the web while seeing the same layout as the paper version. It also offers ソアスク and モノスク, which manage subscription businesses from quotes through contracts to billing. More than 80% of revenue is recurring income such as annual licence fees, and the rest comes from initial fees, implementation support and similar work. Its case studies include Japan Post Insurance (Kampo Life) and Japan Post Corporate Service, and for reporting purposes it has a single cloud services segment.

Where growth is meant to come from

It is focusing on large companies and public bodies (companies with 500 or more employees, plus the public sector), which accounted for about 60% of its ARR (annual recurring revenue) at the end of November 2025, and aims to build on the registration of 帳票DX and カミレス under ISMAP, the government's security assessment scheme for cloud services. It is also adding AI features to its products. Its medium-term target is ARR of about 10 billion yen, and it has reset the target date to the year to November 2031. For the year to November 2026 the company forecasts revenue of 3.23 billion yen (up 26.4%) and net profit of 0.30 billion yen (up 26.2%).

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.