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PRONI

TSE Growth ・ Ticker 479A Listed

Result on listing day

+7.1%

Offer price

1,750 yen

First traded price

1,875 yen

Selling 100 shares at the first traded price would have produced a gain of 12,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-12-09 — 2025-12-15
Lottery result
2025-12-16
Listing date
2025-12-24
Cash needed to apply for one lot (100 shares)
about 175,000 yen
Offering size (at the offer price)
3.5 billion yen ・ 1,988,600 shares
Market capitalisation at listing
7.7 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 主要株主に90日間、一部のベンチャーキャピタルに360日間(いずれも公開価格の1.5倍で解除)

Closing prices after listing

Compared with the first traded price of 1,875 yen.

2025-12-241,745 yen-6.9%
2025-12-251,769 yen-5.7%
2025-12-261,759 yen-6.2%
2025-12-291,817 yen-3.1%
2025-12-301,777 yen-5.2%

Brokers you can apply through

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

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

What stands out

  • Revenue rose 47.1% to 3,233 million yen in the year to December 2025, turning the previous year's operating loss into an operating profit of 369 million yen
  • It completed more than 165,000 matches in the year, up 41.5%, and average annual spend per paying vendor rose 69.1% to about 3.4 million yen
  • More than 80% of revenue is recurring, which keeps earnings less volatile

What could go wrong

  • Its income comes from the sales and marketing budgets of the vendors it introduces, so it is exposed if those companies cut that spending
  • Profitability only settled in from the fourth quarter of the year to December 2024. Before that it posted net losses three years running
  • It has never paid a dividend since it was founded, and says it will keep prioritising retained earnings for the business

About the company

Runs PRONI AIMITSU, a B2B matching site that connects smaller Japanese companies looking to outsource work with the IT service and SaaS vendors that can take it on.

How it makes money

It is paid by the supplier side. It gathers enquiries from smaller companies — building a website, replacing a back-office system — proposes vendors or SaaS products that fit, makes the introduction, and charges those vendors a sales and marketing fee. In the year to December 2025 it completed more than 165,000 matches, up 41.5%, and the average annual spend per paying vendor rose to about 3.4 million yen. Recurring revenue, mainly from vendors spending over 100,000 yen a month for six months or more, is about 80% of the total.

Where growth is meant to come from

For the year to December 2026 it expects revenue of 4,343 million yen, up 34.3%, and operating profit up 119.6%. It explains that the cost of gathering enquiries behaves like a fixed cost, so margins widen as revenue grows. It points to room to grow in the fact that smaller firms make up 99% of Japanese companies but only 19% of them have actually started on digital transformation.

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.