TOYOKOH

トヨコー

TSE Growth ・ Ticker 341A ・ Listed

Updated Mar 28, 2025

Result on listing day

+19.3%

Offer price

730 yen

First traded price

871 yen

Selling 100 shares at the first traded price would have produced a gain of 14,100 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-03-12 — 2025-03-18
Lottery result: 2025-03-19
Listing date: 2025-03-28
Cash needed to apply for one lot (100 shares): about 73,000 yen
Offering size (at the offer price): 3.1 billion yen ・ 4,255,000 shares
Market capitalisation at listing: 9.5 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 主要株主に180日間（一部のベンチャーキャピタルは対象外）
Company website: https://www.toyokoh.com/

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日興証券大和証券みずほ証券 SBI証券マネックス証券松井証券大和コネクト証券

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

What stands out

The roof repair business SOSEI is a stable earner, and CoolLaser also turned profitable in the year to March 2026 (segment profit of 250 million yen)
The CoolLaser method was selected as a quasi-recommended technology for fiscal 2025 by Japan's Ministry of Land, Infrastructure, Transport and Tourism
The company forecasts revenue up 27.7% and net profit up 18.9% for the year to March 2027

What could go wrong

Revenue depends on large construction jobs and device orders, so results swing widely from quarter to quarter (the company forecasts first-half operating profit down 30.8% for the year to March 2027)
The forecast for the year to March 2027 assumes CoolLaser revenue will grow 55.5%, and results could fall short if device orders do not reach the plan
Because of labour shortages in the construction industry, orders may not be converted into revenue if partner firms cannot provide enough construction capacity

About the company

An infrastructure repair company with two businesses: SOSEI, which repairs old factory roofs by spraying them with resin, and CoolLaser, a laser device that strips rust from bridges and steel towers.

How it makes money

Its two pillars are SOSEI, a construction service that reinforces and insulates damaged slate roofs on factories and warehouses by spraying special resin, and CoolLaser, a high-power laser device that removes rust and old paint from bridges and steel towers. For SOSEI it takes on work from building owners and construction companies and outsources the spraying to partner firms. CoolLaser devices are sold to construction companies and equipment rental firms, with additional revenue from maintenance and consumables. Of revenue of 3.13 billion yen in the year to March 2026, SOSEI accounted for 1.78 billion yen and CoolLaser for 1.35 billion yen.

Where growth is meant to come from

The company was loss-making before listing, but deliveries of the first commercial CoolLaser model began in September 2024, and the number of units delivered rose from 4 in the year to March 2025 to 12 in the year to March 2026. It turned profitable in the year to March 2025, and in the year to March 2026 revenue rose 54.7% to 3.13 billion yen, with net profit of 550 million yen. For the year to March 2027 it forecasts revenue of 4.00 billion yen (up 27.7%) and net profit of 650 million yen (up 18.9%), and in February 2026 it won its first overseas order, from the Middle East.

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.