Seiwa Holdings

セイワホールディングス

TSE Growth ・ Ticker 523A ・ Listed

Result on listing day

-2.4%

Offer price

1,250 yen

First traded price

1,220 yen

Selling 100 shares at the first traded price would have produced a loss of 3,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2026-03-11 — 2026-03-17
Lottery result: 2026-03-19
Listing date: 2026-03-27
Cash needed to apply for one lot (100 shares): about 125,000 yen
Offering size (at the offer price): 7.8 billion yen ・ 6,210,000 shares
Market capitalisation at listing: 24 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 既存株主に180日間(一部は360日間)
Company website: https://seiwaholdings.co.jp/

Closing prices after listing

Compared with the first traded price of 1,220 yen.

2026-03-271,520 yen+24.6%

2026-03-301,423 yen+16.6%

2026-03-311,597 yen+30.9%

2026-04-011,540 yen+26.2%

2026-04-021,486 yen+21.8%

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The joint lead underwriters are SBI Securities, Mizuho Securities, which receive the largest allocations.

SBI証券マネックス証券松井証券楽天証券みずほ証券大和証券 SBIネオトレード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

Rolls up small and mid-sized manufacturers with no successor. 15 companies were in the group at the time of listing
Revenue of 8.01 billion yen and operating profit of 1.50 billion yen in the year to May 2026, both above the previous year
Acquisitions have continued after listing, with two deals in the first two months of the year to May 2027

What could go wrong

The more it acquires, the more debt it tends to take on, so rising interest rates weigh on it. The company sets a financial discipline of keeping net debt at no more than 3 to 4 times EBITDA
Profit can include one-off items arising from acquisitions, such as a gain on a bargain purchase, so it swings from year to year
The company's own guidance is centred on an adjusted operating profit figure, which is calculated on a different basis from the operating profit in the financial statements

About the company

A holding company that acquires small and mid-sized manufacturers whose owners have no successor, and runs them together as a group.

How it makes money

The group is built around companies doing hands-on manufacturing work such as welding and steel fabrication, painting, and metal plating, and it reports a single business segment. Revenue comes from the processing and product orders each company wins in its own business, so group revenue builds up as more companies are taken over. After an acquisition, a shared management base called Seiwa Platform is used to streamline back-office work and to support capital investment and hiring, with the aim of lifting profitability. The group had 15 consolidated subsidiaries at the time of listing.

Where growth is meant to come from

For the year to May 2027 the company forecasts revenue of about 9.8 billion yen, up 22.3%, and that forecast does not include the effect of acquisitions that are not yet finalised. In the first two months of that year it took over the plating business of Mitaka Kinzoku Kogyo and acquired Oba Toso Kogyosho, so expansion by acquisition has continued after the listing.

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.