ACSL Ltd, the drone maker listed on the Tokyo Stock Exchange Growth market (ticker 6232), finalized terms on August 25, 2026 for the overseas share sale its board approved a day earlier. The company priced 4,180,000 new common shares at ¥1,310 each, a discount of 9.97% to that day's benchmark price of ¥1,455.
| Metric | Value |
|---|---|
| New shares issued | 4,180,000 |
| Offer price per share | ¥1,310 |
| Paid-in price per share | ¥1,237.25 |
| Benchmark price (Aug 25, 2026) | ¥1,455 |
| Discount to benchmark | 9.97% |
| Total offer value | ¥5.48bn |
| Estimated net proceeds | ¥5.12bn |
| Payment date | Sept 8, 2026 |
| Shares outstanding after offering | 23,752,474 |
Underwriters were authorized to take up to 4,800,000 shares, split between a 3.8 million-share firm allotment and up to 1 million additional shares available for underwriter purchase, but applications settled at 4,180,000, below that ceiling. The offering lifts ACSL's outstanding share count from 19,572,474 to 23,752,474. Underwriters will pay in ¥1,237.25 per share, for a total paid-in amount of ¥5.17bn (¥5,171,705,000), against a headline offer value of ¥5.48bn (¥5,475,800,000). Payment falls due September 8, 2026, with delivery the following day. The transaction adds ¥2.59bn (¥2,585,852,500) each to capital and capital reserve.
Of the estimated ¥5.12bn in net proceeds, ACSL plans to spend ¥3.12bn on defense-sector expansion between September 2026 and December 2029: developing airframes and related solutions, expanding mass-production capacity, building out production and procurement systems for cost competitiveness, and pursuing business development, potential M&A, and alliances in Japan's and overseas defense and security markets. The remaining ¥2bn is earmarked for a North America-focused push over the same period, covering product and certification work to meet tightening local regulatory requirements, building sales and maintenance capability, and diversifying supply chains away from reliance on specific countries or suppliers, including through possible M&A or alliances with local partners.
The filing is a foreign-offering notice, not a Japan public offering: the shares are unregistered under the US Securities Act and the sale targets non-Japan-resident investors only, so no prospectus was prepared. ACSL's own disclosure does not explain why underwriters applied for fewer shares than the authorized maximum.