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Tekscend Photomask

テクセンドフォトマスク

TSE Prime ・ Ticker 429A ・ Listed

Updated

Result on listing day

+19.0%

Offer price

3,000 yen

First traded price

3,570 yen

Selling 100 shares at the first traded price would have produced a gain of 57,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-09-30 — 2025-10-06
Lottery result
2025-10-08
Listing date
2025-10-16
Cash needed to apply for one lot (100 shares)
about 300,000 yen
Offering size (at the offer price)
157 billion yen ・ 52,203,500 shares
Market capitalisation at listing
298 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TOPPANホールディングスと投資ファンドを含む上位株主に180日間(2026年4月13日まで)

Closing prices after listing

Compared with the first traded price of 3,570 yen.

2025-10-163,380 yen-5.3%
2025-10-173,430 yen-3.9%
2025-10-203,650 yen+2.2%
2025-10-213,510 yen-1.7%
2025-10-223,520 yen-1.4%

Brokers you can apply through

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

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

What stands out

  • The world's largest supplier in the merchant photomask market, with a 38.9% share in 2024
  • Eight plants across Asia, the United States and Europe back each other up to keep delivery times short
  • Revenue and profit in the year to March 2026 were both records

What could go wrong

  • Earnings swing with chipmakers' development and capital spending; profit fell 38.2% in the year to March 2025
  • For the year to March 2027 the company forecasts higher revenue and operating profit but a 5.0% fall in profit
  • TOPPAN Holdings remains the largest shareholder after the listing, so the parent's decisions carry weight

About the company

Makes photomasks — the master plates used to print circuit patterns onto semiconductors — and is the world's largest supplier in the merchant photomask market.

How it makes money

It takes circuit data from chipmakers and produces photomasks, glass plates carrying the circuit pattern, entirely to order. Its main customers are foundries, which manufacture chips for fabless design companies, and chipmakers whose in-house mask shops cannot keep up. It runs eight plants — five in Asia, one in the United States and two in Europe — and delivers in about two weeks even for leading-edge masks, and in two to three days for mature generations. Its share of the merchant photomask market was 38.9% in 2024, the largest in the world, according to the industry body SEMI. Its parent company is TOPPAN Holdings.

Where growth is meant to come from

In the year to March 2026 revenue was 129.6 billion yen and profit 24.9 billion yen, both records. For the year to March 2027 the company forecasts revenue of 140.1 billion yen, up 8.1%, and operating profit of 29.8 billion yen, up 8.2%, while profit is seen 5.0% lower at 23.7 billion yen. It is developing masks for EUV, the next generation of lithography, and a new plant in Singapore is due to start up in 2026.

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.