System Exe

システムエグゼ

TSE Standard ・ Ticker 548A ・ Listed

Result on listing day

+11.7%

Offer price

950 yen

First traded price

1,061 yen

Selling 100 shares at the first traded price would have produced a gain of 11,100 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2026-03-19 — 2026-03-26
Lottery result: 2026-03-30
Listing date: 2026-04-06
Cash needed to apply for one lot (100 shares): about 95,000 yen
Offering size (at the offer price): 1.2 billion yen ・ 1,283,500 shares
Market capitalisation at listing: 5 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://www.system-exe.co.jp/

Closing prices after listing

Compared with the first traded price of 1,061 yen.

2026-04-06951 yen-10.4%

2026-04-071,040 yen-2.0%

2026-04-081,060 yen-0.1%

2026-04-091,020 yen-3.9%

2026-04-10966 yen-9.0%

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.

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

What stands out

Direct contracts with end users made up about 90% of consolidated revenue in the years to March 2024 and March 2025
Industry knowledge concentrated in a few fields, including insurance, real estate, manufacturing and healthcare
Revenue and profit both rose in the year to March 2026, and the company forecasts further growth for March 2027

What could go wrong

Results depend on how much client companies spend on IT, and revenue can swing with the presence or absence of large projects
Operating and recurring profit both fell in the year to March 2025 as selling and administrative costs rose, so profit does not rise every year
The business rests on securing and training engineers, so rising personnel costs can squeeze profit

About the company

An independent IT company that builds business systems for large corporations in insurance, real estate and manufacturing, contracting directly with the end user instead of working as a subcontractor.

How it makes money

It is a systems integrator that insists on contracting directly with the company that will actually use the system, rather than sitting further down a chain of subcontractors. It has built up industry knowledge in a small number of fields — non-life and life insurance, real estate, manufacturing including oil and chemicals, and healthcare — and handles everything from defining requirements through development, maintenance and operation. Direct contracts with end users accounted for about 90% of consolidated revenue in both the year to March 2024 and the year to March 2025. It also sells its own packaged software and uses a Vietnamese subsidiary for development work.

Where growth is meant to come from

In the year to March 2026, large projects in manufacturing and services lifted revenue to 12.41 billion yen and operating profit to 0.80 billion yen. For the year to March 2027 the company forecasts revenue of about 13.39 billion yen and operating profit of about 0.85 billion yen. Money raised in the listing is earmarked for renewing its development platform, building new AI-based services, and hiring and training engineers.

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.