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VRAIN Solution

TSE Growth ・ Ticker 135A Listed

Result on listing day

+73.6%

Offer price

2,990 yen

First traded price

5,190 yen

Selling 100 shares at the first traded price would have produced a gain of 220,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-02-06 — 2024-02-13
Lottery result
To be announced
Listing date
2024-02-22
Cash needed to apply for one lot (100 shares)
about 299,000 yen
Offering size (at the offer price)
3.8 billion yen ・ 1,274,000 shares
Market capitalisation at listing
30 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 役員等に180日間、ベンチャーキャピタル等に90日間(公開価格の1.5倍以上で解除条項あり)
Company website
https://vrain.co.jp/

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.

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

What stands out

  • An AI vendor specialising in manufacturing, led by the visual-inspection software Phoenix Vision/Eye
  • Revenue about 2.3 times higher in two years, from 1.41 billion yen (year to February 2024) to 3.28 billion yen (year to February 2026)
  • An operating margin of about 28% in the year to February 2026

What could go wrong

  • A single segment serving manufacturers, so results move with customers' capital spending
  • AI systems are sold outright rather than on subscription, so orders have to be rebuilt every year
  • Founded in March 2020, so the track record is short and earnings can swing widely

About the company

An AI company focused on manufacturing, developing and selling software that finds scratches, stains and other defects in camera images.

How it makes money

It runs a single segment, manufacturing DX, split into AI systems and DX consulting. The core product is the visual-inspection software Phoenix Vision/Eye - Vision trains the AI on good and defective items, and Eye then judges parts automatically - delivered as a package that also includes cameras and other hardware. It is mainly used to automate checks that inspectors used to do by eye, and customers are mostly automotive and food manufacturers.

Where growth is meant to come from

Revenue rose about 2.3 times in two years, from 1,411 million yen in the year to February 2024 to 3,278 million yen in the year to February 2026. For the year to February 2027 the company forecasts revenue of 4,823 million yen and operating profit of 1,449 million 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.