Code	Sector	Market
472A	Communications	Growth

Date of listing approval	2025/11/14
Expected Date	2025/12/18
Lead Underwriter	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd Daiwa Securities Co. Ltd
Description

Listed Shares(total)	8,424,300
Trading Unit	100
New Shares	1,176,400
Existing Shares	7,247,900（incl. O.A.）
Shares Outstanding	PreIPO 15,751,350.00
	PostIPO 16,927,750.00
Paid Up Capital	PreIPO Y100,000,000
	PostIPO Y565,383,840
Expected Pricing Date	2025/12/02
Book Building Start	2025/12/03
Book Building End	2025/12/09
Fix Date	2025/12/10
Offering Starts	2025/12/11
Offering Ends	2025/12/16
Expect Pricing	Y850-Y860
Notional PER (based on previous period)	-51.55--52.15
Notional PER(based on results forecast)	22.64-22.90
Offering Price	Y860
Offering Price PER (based on previous period)	22.64-22.90
Offering Price PBR (based on previous period)	-2.04
Offering Price PER (based on results forecast)	22.90
Use of Funds Raised

Units:Y1,000

Fiscal Year End:2022/12
	Consolidated	Non-consolidated
Revenue	-	4,324,875
Current Profit	-	-1,563,337
Net Profit	-	-1,565,627
Net Assets	-	3,252,842

Fiscal Year End:2023/12
	Consolidated	Non-consolidated
Revenue	-	5,438,229
Current Profit	-	-1,190,311
Net Profit	-	-1,192,602
Net Assets	-	2,140,972

Fiscal Year End:2024/12
	Consolidated	Non-consolidated
Revenue	-	6,096,112
Current Profit	-	-257,444
Net Profit	-	-259,741
Net Assets	1,876,331	1,881,231

Recent Quarter 2025/09
	Consolidated	Non-consolidated
Revenue	5,211,686	-
Current Profit	233,242	-
Net Profit	231,351	-
Net Assets	2,107,682	-

Results Forecast 2025/12
	Consolidated	Non-consolidated
Revenue	7,004,000	-
Current Profit	163,000	-
Net Profit	593,000	-
Net Assets	-	-

Per Share Units:Y1

Fiscal Year End:2022/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	-120.27	-389.31

Fiscal Year End:2023/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-
Equity	-81.32	-405.45

Fiscal Year End:2024/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	-	-422.25
Equity	-16.49	-421.94

Fiscal Year End:Results Forecast 2025/12
	Consolidated	Non-consolidated
Dividend	0.00
Net Earning	37.55	-
Equity	-	-

■Over allotment (1,098,800)

Name	Address

Allocation	Underwriter	Tel
0%	Nomura	03-3211-1811
37.8%	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.	03-6213-8500
25.2%	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd	03-5424-5000
30%	Daiwa Securities Co. Ltd	03-5555-2111
3%	Mizuho Securities Co., Ltd	03-5208-3210
2%	SBI SECURITIES Co.,Ltd.	03-5562-7210
0.4%	Rakuten Securities Holdings, Inc.	03-6406-2681
0.3%	Tokai Tokyo Securities Co., Ltd	03-3566-8811
0.3%	OKASAN SECURITIES GROUP INC	03-3272-2211
0.2%	Monex, Inc	03-4323-3800
0.2%	Matsui Securities Co., Ltd	03-5216-0606
0.2%	IwaiCosmo Securities Co.,Ltd.	06-6229-2890
0.2%	Marusan Securities Co., Ltd	03-3272-5211
0.2%	KYOKUTO SECURITIES CO.,LTD	03-3667-9171