Rezil

レジル

TSE Growth ・ Ticker 176A ・ Listed

Updated Jan 14, 2026

This company was delisted on 2026-01-14.

Its shares can no longer be bought or sold on the exchange. What follows is a record of the IPO.

Result on listing day

+0.4%

Offer price

1,200 yen

First traded price

1,205 yen

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

Application period (book building): 2024-04-09 — 2024-04-16
Lottery result: To be announced
Listing date: 2024-04-24
Cash needed to apply for one lot (100 shares): about 120,000 yen
Offering size (at the offer price): 7.1 billion yen ・ 5,928,300 shares
Market capitalisation at listing: 22 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 創業者側の主要株主に180日間、ベンチャーキャピタル保有分には90日間または公開価格の1.5倍以上での解除条項付きのロックアップが付されています。
Company website: https://rezil.co.jp/

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.

大和証券 SMBC日興証券野村證券みずほ証券三菱UFJモルガン・スタンレー証券 SBI証券楽天証券岡三証券極東証券

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

What stands out

Distributed energy, centred on bulk power supply to apartment buildings, is the core earner
Consolidated revenue rose 20.5 percent, from 38.71 billion yen in the year to June 2024 to 46.65 billion yen in the year to June 2025
Net profit for the year to June 2025 was 2.23 billion yen, up 12.5 percent on the previous year

What could go wrong

The shares were delisted on 14 January 2026 and can no longer be traded on the Tokyo Stock Exchange
Selling shareholders accounted for 97.1 percent of the offering at listing, so little new money was raised by the company
In the year to June 2025 interest-bearing debt rose from 3.79 billion to 10.85 billion yen, cutting the equity ratio from 47.4 percent to 37.6 percent

About the company

An energy company built around bulk power supply for apartment buildings, buying electricity for a whole building and delivering it to each unit.

How it makes money

Its main business is distributed energy, buying electricity for an entire apartment building and supplying it to each unit. It installs distributed power equipment, such as substations, solar panels, storage batteries and EV chargers, at no upfront cost to the building, and earns recurring revenue by supplying electricity as a licensed retail power provider. It also runs an energy transformation business that helps companies cut carbon emissions, and a BPaaS business that takes over back-office operations for energy companies as a packaged system. Two wholly owned subsidiaries handle electrical safety inspection and construction work, and wholesale and retail power supply.

Where growth is meant to come from

It plans to combine AI with the electricity usage data it has gathered from apartment buildings and offices over 20 years of bulk supply, optimising how power is bought, stored and discharged for each customer. In recent years it has widened into services beyond the supply of electricity itself, such as disaster-readiness services for apartment buildings, EV car sharing and on-demand EV buses. A tender offer by the US investment fund Bain Capital succeeded in October 2025, and the shares were delisted on 14 January 2026, taking the company private.

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.