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TENTIAL

TSE Growth ・ Ticker 325A ・ Listed

Updated

Result on listing day

+30.0%

Offer price

2,000 yen

First traded price

2,600 yen

Selling 100 shares at the first traded price would have produced a gain of 60,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-02-10 — 2025-02-17
Lottery result
2025-02-18
Listing date
2025-02-28
Cash needed to apply for one lot (100 shares)
about 200,000 yen
Offering size (at the offer price)
6.4 billion yen ・ 3,202,400 shares
Market capitalisation at listing
14 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 主要株主に180日間(一部の株主は保有株を全て売出し)

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is Nomura Securities, which receives the largest allocation.

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

What stands out

  • Revenue of 12.84 billion yen in the year to January 2025, the year that ended just before its listing, up 137.3%
  • Forecasts revenue of 33.08 billion yen and net profit of 2.55 billion yen for the year to August 2026 (raised in April 2026)
  • It has grown to 20 stores of its own (as of July 2026), which made up about 20% of revenue in March–May 2026

What could go wrong

  • It relies heavily on the BAKUNE series, and is exposed to price competition from similar products
  • Advertising and sponsorship costs are large: in the three months from March to May 2026, operating profit fell from the same period a year earlier because of sponsorship of the World Baseball Classic and related marketing (compared with reference figures the company restated)
  • Because it changed its financial year-end, the year to August 2025 covers only seven months, which makes comparison with earlier years difficult

About the company

Sells clothing, bedding, insoles and other products for rest and recovery online and in its own stores, led by BAKUNE, recovery wear you sleep in.

How it makes money

It designs products under its own TENTIAL brand and outsources manufacturing (a fabless model), selling through its own online store, marketplaces such as Amazon and Rakuten Ichiba, its own shops, and wholesale to retailers. Its main product is BAKUNE recovery wear, registered as a general medical device, and it also sells bedding, MIGARU workwear, insoles, sandals and more. In March–May 2026, online sales made up 68.4% of revenue, its own stores 18.1% and wholesale and other channels 13.5%, and it had 20 stores of its own (as of July 2026).

Where growth is meant to come from

It is expanding bedding, workwear and other products beyond BAKUNE, as well as its own stores, and in March–May 2026 bedding sales were about 2.4 times the same period a year earlier. It moved its financial year-end from January to August in 2025, and forecasts revenue of 33.08 billion yen and net profit of 2.55 billion yen for the year to August 2026 (raised in April 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.