PowerX

パワーエックス

TSE Growth ・ Ticker 485A ・ Listed

Result on listing day

-7.4%

Offer price

1,220 yen

First traded price

1,130 yen

Selling 100 shares at the first traded price would have produced a loss of 9,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-12-03 — 2025-12-09
Lottery result: 2025-12-10
Listing date: 2025-12-19
Cash needed to apply for one lot (100 shares): about 122,000 yen
Offering size (at the offer price): 12 billion yen ・ 9,646,500 shares
Market capitalisation at listing: 44 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 上位株主の大半に180日間(価格による解除条項なし)
Company website: https://power-x.jp/

Closing prices after listing

Compared with the first traded price of 1,130 yen.

2025-12-191,430 yen+26.5%

2025-12-221,730 yen+53.1%

2025-12-231,640 yen+45.1%

2025-12-242,040 yen+80.5%

2025-12-251,983 yen+75.5%

Brokers you can apply through

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

三菱UFJモルガン・スタンレー証券 SMBC日興証券野村證券みずほ証券 SBI証券マネックス証券松井証券岡三証券岩井コスモ証券中銀証券三菱UFJ eスマート証券岡三オンライン

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

What stands out

Revenue roughly tripled, from 6.16 billion yen in the year to December 2024 to 19.31 billion yen in the year to December 2025
The operating loss narrowed to 677 million yen in the year to December 2025, and operating cash flow turned positive for the first time
The company forecasts its first full-year profit for the year to December 2026

What could go wrong

The company has lost money every year since it was founded, including a net loss of 1.65 billion yen for the year to December 2025
Because of when subsidies are paid out, sales are weighted to the second half, so quarterly results swing widely
Battery material prices and the exchange rate weigh on results, and the company gives its profit guidance for the year to December 2026 as a range

About the company

Founded in 2021, it develops, manufactures at its own plant and sells large battery storage systems that hold electricity generated by solar and wind power.

How it makes money

About 90% of revenue comes from making and selling large batteries that connect to the power grid. The systems are built at its own plant in Tamano, Okayama, and the company also handles installation and maintenance. It has two smaller businesses: fast chargers for electric vehicles, and a power business that sells electricity and operates storage sites for clients. Revenue for the year to December 2025 was 19.31 billion yen, roughly three times the 6.16 billion yen of the previous year.

Where growth is meant to come from

For the year to December 2026 the company forecasts revenue of 40 billion yen and net profit of 1.0 to 1.5 billion yen, which would be its first full-year profit. Its firm order backlog stood at 40.4 billion yen as of 13 August 2026, close to the full-year revenue forecast. In February 2026 it announced a new business, Mega Power DC, a container-type data centre that applies its battery technology.

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.