Tokyo Metro

東京地下鉄

TSE Prime ・ Ticker 9023 ・ Listed

Updated Oct 3, 2026

Result on listing day

+35.8%

Offer price

1,200 yen

First traded price

1,630 yen

Selling 100 shares at the first traded price would have produced a gain of 43,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-10-08 — 2024-10-11
Lottery result: To be announced
Listing date: 2024-10-23
Cash needed to apply for one lot (100 shares): about 120,000 yen
Offering size (at the offer price): 349 billion yen ・ 290,500,000 shares
Market capitalisation at listing: 697 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 売出人である財務大臣および東京都の保有株式に180日間のロックアップが付されています。
Company website: https://www.tokyometro.jp/

Brokers you can apply through

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

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

What stands out

Owns a nine-line subway network centred on Tokyo's 23 wards, carrying about 2.57 billion passengers in the year to March 2026
In the year to March 2026 operating revenue was 422.4 billion yen and operating profit 89.6 billion yen, both up on the year
The dividend was 42 yen a year for the year to March 2026, with 44 yen forecast for the year to March 2027

What could go wrong

For the year to March 2027 the company forecasts operating profit down 9.1% and net profit down 15.3% because of higher operating costs
Interest payments are about 12.1 billion yen a year, so it is exposed to rising interest rates
Most revenue comes from fares, so results could fall sharply if passenger numbers drop because of an epidemic or a disaster

About the company

The railway company that runs Tokyo Metro, a nine-line subway network centred on Tokyo's 23 wards, and also operates station shopping areas and rents out property along its lines.

How it makes money

Its main earner is transport: of 422.4 billion yen of operating revenue in the year to March 2026, 384.1 billion yen from outside customers came from the transport business. It carried about 2.57 billion passengers in the year, with passenger fare revenue of 350.5 billion yen. It also has a real estate business renting out office buildings and hotels such as Shibuya Mark City, and a life and business services business that runs the Echika station shopping areas and sells advertising in stations and trains.

Where growth is meant to come from

The plan is to grow fare revenue on the back of rising commuter demand and strong economic activity along its lines, while building up income outside the railway in property and lifestyle services. For the year to March 2027 the company forecasts operating revenue of 437.2 billion yen, up 3.5%, but expects higher operating costs to cut operating profit by 9.1% and net profit attributable to owners of the parent by 15.3% to 50 billion yen.

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.