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ジグザグ

TSE Growth ・ Ticker 340A ・ Listed

Updated

Result on listing day

+35.3%

Offer price

1,500 yen

First traded price

2,030 yen

Selling 100 shares at the first traded price would have produced a gain of 53,000 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2025-03-13 — 2025-03-19
Lottery result
2025-03-21
Listing date
2025-03-31
Cash needed to apply for one lot (100 shares)
about 150,000 yen
Offering size (at the offer price)
1.3 billion yen ・ 866,400 shares
Market capitalisation at listing
3.5 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 経営陣らに180日間、ベンチャーキャピタルは90日または公開価格の1.5倍で解除

Brokers you can apply through

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

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

What stands out

  • Adding one line of code to an online shop lets it sell to 228 countries and regions
  • 95% of revenue comes from overseas shoppers, and transaction value (GMV) was 6.93 billion yen in the year to May 2026
  • Its Taiwan subsidiary has started operating, attracting overseas shoppers directly through events such as local pop-up stores

What could go wrong

  • Because its customers are overseas shoppers, sales are easily affected by exchange rates and by changes in other countries' tariff and shipping rules (since 2025, US tariff policy changes have slowed sales to North America)
  • Because of upfront investment, the company forecasts operating profit down 26.6% and net profit down 39.5% for the year to May 2027
  • Major e-commerce cart platforms are strengthening their own cross-border selling functions, which could intensify competition

About the company

A cross-border e-commerce support company: by adding a single line of code to their site, Japanese online shops can sell to shoppers overseas.

How it makes money

It runs two linked services: WorldShopping, which buys products from Japanese online shops on behalf of overseas shoppers and ships them abroad together, and WorldShoppingBIZ, which builds that mechanism into the shops' own sites. The company itself handles overseas payments, international shipping, multilingual customer support and fraud prevention, so shops can sell abroad using the same procedures as for domestic orders. Revenue depends on the transaction value (GMV) of orders from abroad, and in the year to May 2026, 95% of revenue came from overseas shoppers.

Where growth is meant to come from

Changes in US tariff policy slowed sales to North America, and revenue for the year to May 2026 grew only 6.2% to 1.50 billion yen, although quarterly revenue for March to May reached a record high. For the year to May 2027 the company forecasts revenue of 1.79 billion yen (up 19.5%), but because of upfront investment including local customer acquisition through its Taiwan subsidiary, it forecasts operating profit of 210 million yen (down 26.6%) and net profit of 140 million yen (down 39.5%).

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.