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UNICON Holdings

UNICONホールディングス

TSE Standard ・ Ticker 407A ・ Listed

Updated

Result on listing day

+30.7%

Offer price

1,060 yen

First traded price

1,385 yen

Selling 100 shares at the first traded price would have produced a gain of 32,500 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-09-09 — 2025-09-16
Lottery result
2025-09-17
Listing date
2025-09-26
Cash needed to apply for one lot (100 shares)
about 106,000 yen
Offering size (at the offer price)
5.8 billion yen ・ 5,433,800 shares
Market capitalisation at listing
10 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 上位株主に180日間

Closing prices after listing

Compared with the first traded price of 1,385 yen.

2025-09-261,218 yen-12.1%
2025-09-291,300 yen-6.1%
2025-09-301,259 yen-9.1%
2025-10-011,215 yen-12.3%
2025-10-021,189 yen-14.2%

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

  • A regional alliance of general contractors — four builders rooted in Yamagata and Fukushima brought under one group
  • Certified as a corporate group by the transport ministry, so it can move qualified engineers between member companies and assign them to sites
  • Its main work is maintaining and replacing ageing roads, rivers and other infrastructure, an area supported by public investment

What could go wrong

  • Most of its revenue comes from public works — Fukushima Prefecture alone was 29.8% of sales in the year to June 2024 — so orders fall if public investment is cut
  • Almost all of its projects are in the Tohoku region, so results swing with local order volumes and whether disasters occur
  • The investment fund that held 94.9% of the shares before listing may sell more of its stake, and the free-float ratio is close to the exchange's minimum for staying listed

About the company

The holding company of a regional alliance of general contractors, bringing together four established builders in the Tohoku region that work on public infrastructure such as roads and rivers.

How it makes money

Its four operating builders — Yamawa Kensetsu in Yamagata and Onononakamura, Minamiai Seibu Kensetsu Corporation and Nansoken in Fukushima — take on public works as prime contractors, including road and river works, disaster recovery and snow removal. Clients are mainly public bodies. In the year to June 2024, Fukushima Prefecture accounted for 29.8% of sales and East Nippon Expressway for 12.4%. The group is certified by the Ministry of Land, Infrastructure, Transport and Tourism as a corporate group, which lets it move qualified engineers between member companies and so take on large projects that a single firm could not.

Where growth is meant to come from

Alongside sales and profit, the company watches its order backlog and the number of engineers holding construction management qualifications (171 at the end of March 2025). Maintaining and replacing ageing infrastructure and preparing for disasters are areas supported by public investment, and the company positions infrastructure works, disaster response and environmental protection as its main businesses. The year to June 2026 brought record revenue of 18.81 billion yen, though profit fell to 984 million yen from 1.12 billion yen the year before. For the year to June 2027 the company forecasts revenue of 20.70 billion yen and profit of 1.10 billion yen, both higher.

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.