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Skyfall
TSE Growth ・ Ticker 625A ・ Applications open
- Application period (book building)
- 2026-09-02 — 2026-09-08
- Lottery result
- 2026-09-09
- Listing date
- 2026-09-17
- Cash needed to apply for one lot (100 shares)
- about 150,000 yen
- Tentative price range (kari-joken)
- 1,450 — 1,500 yen
- Offering size (estimated)
- 4 billion yen ・ 2,649,300 shares
- Market capitalisation at listing
- 11 billion yen
- Lock-up
- Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 上位株主のほぼ全てに180日間（2027年3月15日まで）
Brokers you can apply through
You can only enter this lottery through a broker underwriting it. The lead underwriter is SBI Securities, which receives the largest allocation.
Broker pages are in Japanese. A comparison in English is on the brokers page.
What stands out
- ✓A performance-based ad platform where advertisers pay only once a user completes a set action. Revenue grew from 4.06 billion yen in the year to September 2021 to 16.22 billion yen in the year to September 2025
- ✓Operating profit rose from 143 million yen to 515 million yen in the year to September 2025, and the company returned to a net profit of 447 million yen after a loss the year before
- ✓No venture capital funds among the shareholders before listing, and the main holders are locked up for 180 days
- ✓At the indicative price of 1,500 yen, the price-earnings ratio on the year to September 2025 works out at about 20.9 times on the pre-listing share count and about 24.5 times on the post-listing count
What could go wrong
- ⚠️A change of policy at the app stores that distribute smartphone apps could restrict how these ads work. The company itself rates the impact of this risk as large
- ⚠️Operating profit was only 3.2% of revenue in the year to September 2025, so the business is sensitive to changes in what it pays out to media apps or in advertisers' budgets
- ⚠️The company has never paid a dividend and says it will keep earnings in the business for the time being
About the company
Runs SKYFLAG, a reward advertising platform that connects advertisers with the mobile games and comic apps whose users try an offer in exchange for in-app rewards.
How it makes money
SKYFLAG, the core business, links three parties — advertisers, the apps that carry the ads such as mobile games and comic apps, and the people who use those apps. Advertisers pay only when a user completes a set action, for instance signing up or staying with a service for a set period, and Skyfall keeps the difference after passing part of that fee to the app that carried the ad. In the year to September 2025 this business was about 96% of revenue, with the rest coming from the poker game Poker Chase, the points app Pocket Play, and SKYORDER, a self-ordering system for restaurants.
Where growth is meant to come from
The number of media apps that have adopted its own ad format is the measure the company watches most closely. It set up a Korean subsidiary in August 2025 and began serving ads there in its own format from April 2026. The money raised in this offering, a net total of about 1.5 billion yen, is earmarked for hiring, advertising and office costs for an expansion into the United States and Europe from the year to September 2027 onwards.
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.
