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TRIAL Holdings

トライアルホールディングス

TSE Growth ・ Ticker 141A ・ Listed

Updated

Result on listing day

+30.3%

Offer price

1,700 yen

First traded price

2,215 yen

Selling 100 shares at the first traded price would have produced a gain of 51,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
To be announced
Lottery result
To be announced
Listing date
2024-03-21
Cash needed to apply for one lot (100 shares)
about 170,000 yen
Offering size (at the offer price)
45 billion yen ・ 26,281,000 shares
Market capitalisation at listing
202 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

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The joint lead underwriters are Daiwa 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

  • Consolidating Seiyu lifted revenue 67.6% to 1,347.1 billion yen in the year to June 2026, and the group ran 621 stores at the end of June 2026
  • It builds its own store technology, including the Skip Cart trolley and in-store AI cameras, and turns the data it collects into a second business selling to manufacturers
  • For the year to June 2027 the company forecasts both higher revenue and higher profit, at 1,458.2 billion yen of revenue and 39.0 billion yen of operating profit

What could go wrong

  • Taking on Seiyu grew total assets from 300.3 billion yen to 807.8 billion yen, while the equity ratio fell from 42.0% to 16.2%
  • In the year to June 2026 revenue and operating profit both rose, but net profit fell from 11.7 billion yen to 3.5 billion yen
  • The operating margin is only around 2%, and the everyday-low-price policy makes it hard to pass higher purchasing costs on to shoppers

About the company

The holding company of a Fukuoka-born discount retail group that runs the TRIAL supercentre chain nationwide and took over the Seiyu supermarkets in 2025.

How it makes money

Almost all of its revenue comes from selling food and household goods through its own stores, priced on an everyday-low-price policy rather than periodic sales. At the end of June 2026 the group ran 621 stores, including 229 TRIAL supercentres, 243 Seiyu stores in urban areas and 31 mega centres. It also develops its own in-store technology, such as the Skip Cart shopping trolley with a built-in payment tablet, AI cameras and digital signage, and supplies the resulting data to manufacturers and wholesalers through a platform called MD-Link.

Where growth is meant to come from

It names three pillars for growth — opening more physical stores, its own retail technology, and partnerships. Buying Seiyu outright in 2025 added city-centre stores, mostly in the Kanto region, to a network that had been concentrated in the suburbs. For the year to June 2027 the company forecasts revenue of 1,458.2 billion yen and operating profit of 39.0 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.