Rigaku Holdings

リガク・ホールディングス

TSE Prime ・ Ticker 268A ・ Listed

Updated Oct 3, 2026

Result on listing day

-4.4%

Offer price

1,260 yen

First traded price

1,205 yen

Selling 100 shares at the first traded price would have produced a loss of 5,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-10-10 — 2024-10-16
Lottery result: To be announced
Listing date: 2024-10-25
Cash needed to apply for one lot (100 shares): about 126,000 yen
Offering size (at the offer price): 129 billion yen ・ 102,497,200 shares
Market capitalisation at listing: 284 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: Atom Investment L.P.をはじめとする既存の主要株主に180日間のロックアップが付されています。
Company website: https://www.rigaku-holdings.com/

Brokers you can apply through

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

野村證券三菱UFJモルガン・スタンレー証券 SMBC日興証券 SBI証券みずほ証券大和証券三菱UFJ eスマート証券大和コネクト証券

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

What stands out

Built on X-ray analysis technology, with measuring instruments ranging from research use to semiconductor production lines
Revenue for the year to December 2025 was about 94.2 billion yen, up 3.9% year on year
After a year-end dividend of 3 yen for the year to December 2024, it paid 18.80 yen for the year to December 2025 and forecasts 19.00 yen for the year to December 2026

What could go wrong

US policy hit sales to American universities and government bodies, and in the year to December 2025 operating profit fell 9.0% and profit attributable to owners of the parent fell 16.3%
In the first half of the year to December 2026 revenue fell 2.9% and operating profit fell 54.9% year on year, so the full-year forecast of higher profit depends on a recovery in the second half
It carries about 51.9 billion yen of goodwill, an asset arising from past acquisitions, which could lead to an impairment loss if the business weakens

About the company

Makes and sells measuring instruments worldwide, centred on analysers that use X-rays to examine what materials are made of and how they are structured, for research institutions and semiconductor makers.

How it makes money

It is the holding company of the Rigaku group, whose business dates back to its founding in 1951, and reports a single segment, the manufacture and sale of scientific instruments. Sales fall into three businesses: multipurpose analytical instruments used by universities, research institutions and materials makers; semiconductor process control instruments used for measurement in chip production; and parts and services, chiefly maintenance and parts for installed equipment. In the first half of the year to December 2026 these brought in 15.1 billion yen, 12.8 billion yen and 11.7 billion yen of revenue respectively.

Where growth is meant to come from

The plan is to grow semiconductor process control instruments on the back of chip demand for AI and data centres, and that business's revenue rose 19.0% in the year to December 2025. For the year to December 2026 the company forecasts higher revenue and profit, with revenue of 101 billion yen and profit attributable to owners of the parent of 12.5 billion yen, but first-half profit was down 56.9% year on year, so the forecast relies on growth in the second half.

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.