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Overlap Holdings

オーバーラップホールディングス

TSE Growth ・ Ticker 414A ・ Listed

Updated

Result on listing day

-7.1%

Offer price

1,650 yen

First traded price

1,533 yen

Selling 100 shares at the first traded price would have produced a loss of 11,700 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-09-17 — 2025-09-24
Lottery result
2025-09-25
Listing date
2025-10-03
Cash needed to apply for one lot (100 shares)
about 165,000 yen
Offering size (at the offer price)
17 billion yen ・ 10,000,000 shares
Market capitalisation at listing
33 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

Closing prices after listing

Compared with the first traded price of 1,533 yen.

2025-10-031,345 yen-12.3%
2025-10-061,402 yen-8.5%
2025-10-071,436 yen-6.3%
2025-10-081,546 yen+0.8%
2025-10-091,477 yen-3.7%

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The joint lead underwriters are Mizuho Securities, Mitsubishi UFJ Morgan Stanley Securities, which receive the largest allocations.

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

What stands out

  • Its core model is media mix — finding stories on novel-posting sites and social media, publishing them as light novels, then manga, then anime
  • Core IP earning over 25 million yen a year grew from 40 titles in the year to August 2021 to 57 in the year to August 2024
  • The year to August 2025 was a record, with revenue of 8.54 billion yen and operating profit of 3.03 billion yen

What could go wrong

  • Results swing with whether titles become hits. For the year to August 2026 the company forecasts revenue down 2.8% and operating profit down 21.6%, after lowering that forecast in July 2026
  • Goodwill and trademark rights with no fixed useful life were 63.5% of total assets at the end of August 2024, so an impairment charge is possible if earning power weakens
  • The investment funds that held 60% of the shares before listing may keep holding a substantial stake after listing

About the company

An entertainment holding company that finds stories on novel-posting sites, publishes them as light novels and manga, and grows the hits into anime and overseas licensing.

How it makes money

Through operating companies such as Overlap Inc. it publishes under labels including Overlap Bunko and Comic Gardo, and most of its revenue comes from light novels and manga. Sales are concentrated in a few e-book distributors and wholesalers — Media Do alone was 28.1% of sales in the year to August 2024. Hit titles are made into anime, which brings royalties as the original rights holder and a share of proceeds from the production committee, as well as licensing income from overseas. It also sells products based on other companies' IP, such as Pokemon strategy guides and soundtrack CDs.

Where growth is meant to come from

The company tracks the number and revenue of its core IP — titles earning more than 25 million yen a year — as its growth driver. Core titles rose from 40 in the year to August 2021 to 57 in the year to August 2024, and their revenue from 4.33 billion yen to 6.33 billion yen. The year to August 2025 set records with revenue of 8.54 billion yen and profit of 2.07 billion yen, but for the year to August 2026 the company forecasts revenue down 2.8% and operating profit down 21.6%, a forecast it lowered in July 2026.

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.