MUSCAT GROUP

TSE Growth ・ Ticker 195A ・ Listed

Updated Oct 4, 2026

Result on listing day

+9.9%

Offer price

1,420 yen

First traded price

1,560 yen

Selling 100 shares at the first traded price would have produced a gain of 14,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-06-03 — 2024-06-07
Lottery result: To be announced
Listing date: 2024-06-19
Cash needed to apply for one lot (100 shares): about 142,000 yen
Offering size (at the offer price): 1.2 billion yen ・ 812,000 shares
Market capitalisation at listing: 4.2 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 代表取締役など役員には180日間、一部の既存株主には90日間・公開価格の1.5倍以上で解除される条項付きのロックアップが付されています。
Company website: https://muscatgroup.co.jp/

Brokers you can apply through

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

みずほ証券野村證券 SBI証券楽天証券マネックス証券松井証券東海東京証券極東証券

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

What stands out

Runs several own brands centred on beauty and cosmetics, including Fujiko, MiiS and bialne
Revenue for the year to March 2026 was 4.13 billion yen, up 38.3% on the previous year
Has published a medium-term plan, VISION2029, aiming for revenue of around 15 billion yen in the year to March 2029

What could go wrong

The year to March 2026 ended in an operating loss and a net loss (about 0.37 billion yen) because of inventory write-downs and a goodwill impairment, among other items
Because the growth plan relies on acquiring brands, goodwill impairments could happen again depending on how the acquired businesses perform
Profits are easily squeezed by rising raw material and logistics costs and by currency swings (these were among the reasons given when it lowered its forecast for the year to March 2026)

About the company

A company that builds up its own brands, mainly in beauty and cosmetics such as Fujiko and MiiS, by developing them in-house and by acquiring brands and companies.

How it makes money

It earns its money by selling products under its own brands, such as the oral beauty brand MiiS, the haircare brand bialne, and the Fujiko and b idol cosmetics brands of Kanarabo, a company it made a subsidiary in October 2025. Its own-brand sales go through retail stores (42.5%), its own online shops (28.4%), online marketplaces such as Amazon and Rakuten (21.8%) and overseas (7.3%), as of the end of March 2026. The social media marketing support for corporate clients, one of its main businesses at the time of listing, was separated in 2026 by selling the shares of the subsidiary that ran it (Rice Curry LS).

Where growth is meant to come from

Its medium-term plan, VISION2029, aims for revenue of around 15 billion yen and operating profit of around 1.5 billion yen in the year to March 2029, with a target of 10 brand acquisitions by then. For the year to March 2027 it forecasts revenue of about 6.6 billion yen (up 59.9%) and operating profit of about 0.05 billion yen, a return to an operating profit (it has not disclosed forecasts for ordinary profit or net profit). The year to March 2026 ended in a net loss because of inventory write-downs and a goodwill impairment, among other items.

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.