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Soracom

ソラコム

TSE Growth ・ Ticker 147A ・ Listed

Updated

Result on listing day

+79.7%

Offer price

870 yen

First traded price

1,563 yen

Selling 100 shares at the first traded price would have produced a gain of 69,300 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-03-07 — 2024-03-13
Lottery result
To be announced
Listing date
2024-03-26
Cash needed to apply for one lot (100 shares)
about 87,000 yen
Offering size (at the offer price)
11 billion yen ・ 12,426,000 shares
Market capitalisation at listing
38 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 親会社KDDIおよび既存株主に180日間

Brokers you can apply through

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

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

What stands out

  • Group-wide connections reached 10 million in July 2026
  • Revenue rose 38.2% from 8.99 billion yen in the year to March 2025 to 12.42 billion yen in the year to March 2026
  • 48% of recurring revenue comes from outside Japan, so roughly half of it is earned abroad

What could go wrong

  • Revenue is growing, but the operating margin was 7.0% in the year to March 2026, so profit is not rising as fast as sales
  • Net profit fell from 490 million yen to 350 million yen in the year to March 2025, so the level of profit swings from year to year
  • With 48% of recurring revenue earned abroad, results are exposed to exchange rates and to economic conditions in each country

About the company

A KDDI group company that runs SORACOM, a communications platform for connecting IoT devices, with coverage in more than 200 countries and regions.

How it makes money

Its earnings rest on what the company calls recurring revenue, meaning platform usage fees. Built around SORACOM Air, its SIM for IoT devices, it bundles together the plumbing for sending collected data safely to the cloud, tools for managing devices remotely, and even a cloud camera service called Soracame, and charges monthly and usage-based fees for them. Customers range from industrial digitalisation in manufacturing, energy and payments through to startups, farming and disaster prevention. Group-wide connections reached 10 million in July 2026, and 48% of recurring revenue now comes from outside Japan.

Where growth is meant to come from

Under a slogan it calls the democratisation of AI and IoT technology, the company is widening its scope from AI that analyses data towards AI that controls equipment on site. During 2026 it announced SORACOM Agent, an AI agent that helps build IoT systems, an Automotive Suite package for the car industry, and a business supplying the mobile core technology it developed in-house to other telecoms operators. It has subsidiaries in the United States and the United Kingdom and continues to push for wider use overseas.

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.