Beginners IPO🔰 New to IPOs? Start here
← Back to the IPO list

Visual Processing Japan

ビジュアル・プロセッシング・ジャパン

TSE Growth ・ Ticker 334A ・ Listed

Updated

Result on listing day

+112.6%

Offer price

1,430 yen

First traded price

3,040 yen

Selling 100 shares at the first traded price would have produced a gain of 161,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-03-06 — 2025-03-12
Lottery result
2025-03-13
Listing date
2025-03-25
Cash needed to apply for one lot (100 shares)
about 143,000 yen
Offering size (at the offer price)
696 million yen ・ 486,400 shares
Market capitalisation at listing
2.4 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 社長・持株会・親会社など上位株主に180日間
Company website
https://www.vpj.co.jp/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is 岡三証券, which receives the largest allocation.

岡三証券SBI証券三菱UFJモルガン・スタンレー証券松井証券楽天証券マネックス証券岩井コスモ証券三菱UFJ eスマート証券

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

What stands out

  • Annual recurring revenue (ARR) was 1.09 billion yen at the end of June 2026, up 25.9% year on year
  • Revenue and profit have kept rising since listing: in the year to December 2025 revenue was 1.37 billion yen (up 13.8%) and net profit 0.177 billion yen (up 44.5%)
  • It paid a dividend of 32 yen per share for the year to December 2025, including a 9-yen listing commemorative dividend (amount before the May 2026 stock split)

What could go wrong

  • Large overseas players such as Adobe are strong in DAM, and competition is intense
  • The churn rate rose to 2.44% in the year to December 2025 from the year before (1.63% in the first half of 2026)
  • The impact of AI agents on SaaS businesses is being widely discussed; the company says it can coexist with them, but how large the effect will be is not yet known

About the company

Develops and sells CIERTO, software that helps companies manage large volumes of digital material such as product photos, videos and product data in one place and send it out to online stores and catalogues.

How it makes money

Its main product, CIERTO, combines digital asset management (DAM) for images and videos with product information management (PIM), and is offered mainly in the cloud (SaaS). Its core income is the monthly usage and maintenance fees paid after installation; annual recurring revenue (ARR) was 1.09 billion yen at the end of June 2026. On top of that it earns revenue from set-up work (SI) and custom development for individual clients.

Where growth is meant to come from

Adoption has been helped by companies digitising their sales promotion through online stores and similar channels: in the first half of 2026 it signed 36 new contracts (15 more than a year earlier), bringing the number of installations in use to 308. Working with partner companies is a priority, and the company forecasts revenue of 1.52 billion yen (up 10.7%) and net profit of 0.205 billion yen (up 16.0%) for the year to December 2026. It says its data-management product will coexist with the spread of AI agents.

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.