TO Books

TOブックス

TSE Standard ・ Ticker 500A ・ Listed

Result on listing day

-8.1%

Offer price

3,910 yen

First traded price

3,595 yen

Selling 100 shares at the first traded price would have produced a loss of 31,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2026-01-28 — 2026-02-03
Lottery result: 2026-02-05
Listing date: 2026-02-13
Cash needed to apply for one lot (100 shares): about 391,000 yen
Offering size (at the offer price): 4.1 billion yen ・ 1,044,700 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
Company website: https://www.tobooks.jp/

Closing prices after listing

Compared with the first traded price of 3,595 yen.

2026-02-133,430 yen-4.6%

2026-02-163,335 yen-7.2%

2026-02-173,680 yen+2.4%

2026-02-183,630 yen+1.0%

2026-02-193,510 yen-2.4%

Brokers you can apply through

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

SMBC日興証券松井証券 SBI証券楽天証券みずほ証券野村證券

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

What stands out

Revenue of 11.795 billion yen and operating profit of 1.984 billion yen in the year to April 2026 were both company records
It plans not just the books but the anime, stage shows and merchandise itself, a model it calls IP production
It paid its first dividend since listing at 76 yen a share and plans the same for the year to April 2027

What could go wrong

For the year to April 2027 revenue is planned to rise but operating profit to fall 4.3%, because spending comes first
Results swing with whether a title becomes a hit, and the company leans on a small number of main IPs
An anime takes about three years to make, so the investment and production costs are paid long before the money comes back

About the company

A publisher and IP company that plans and edits its own light novels and comics, then extends hit titles such as 本好きの下剋上 into anime, stage shows and merchandise.

How it makes money

Revenue comes from two places, sales of books in print and digital form, and everything beyond books such as anime, stage shows, audio and merchandise. In the year to April 2026, digital books and the other category each grew about 27%. Rather than licensing popular works out to other companies to be filmed, it designs the whole chain itself, from finding and editing a story through comic adaptation, anime and merchandise, and it sometimes serves as lead member of an anime production committee. Books reach readers through distributors, MediaDo for digital and Nippan and Tohan for print.

Where growth is meant to come from

In the year to April 2026, anime adaptations including 水属性の魔法使い, 穏やか貴族の休暇のすすめ。 and 本好きの下剋上 drove revenue to 11.795 billion yen, up 25.1%, and operating profit to 1.984 billion yen, up 72.7%, both company records. For the year to April 2027 it plans four more anime adaptations but, with spending brought forward, expects revenue of 12.5 billion yen, up 6.0%, and operating profit of 1.9 billion yen, down 4.3%. It paid its first dividend since listing, 76 yen a share, and plans the same amount for the year to April 2027.

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.