Allganize Holdings would raise far less for itself than its existing shareholders would take out in its proposed Tokyo listing. The AI software group's securities registration statement pairs 658,100 new shares with a sale of 2,954,900 existing shares by holders.
The split
The company's own offering is valued at ¥699mn on a Companies Act paid-in basis. The holders' underwritten sale is valued at ¥3.69bn. A further over-allotment of up to 541,900 shares, worth ¥677mn, may be sold from stock that SMBC Nikko Securities borrows from the founder and representative director. All values are estimates built on an assumed price of ¥1,250 a share.
The largest sellers are KDDI Open Innovation Fund 3 (627,400 shares), the founder (370,100) and SK Telecom Innovation Fund (311,000).
What the company keeps
Estimated net proceeds from the new shares are ¥741.8mn. With a third-party allotment to SMBC Nikko of up to 541,900 shares, which is tied to the over-allotment, and any overseas sales, the ceiling is ¥1.36bn. Plans for the money: ¥986mn for subsidiary payroll, ¥345mn for systems and ¥31mn for head-office staff costs.
Timetable
The company is due to present an indicative price range on 16 October. Pricing follows on 26 October, bookbuilding applications run from 27 to 30 October, and payment is due on 2 November. Trading on the Tokyo Stock Exchange Growth market is scheduled to begin on 4 November. The share counts are upper limits for domestic sales. The new-share count may change at a board meeting scheduled for 16 October, and the holders' sale count may also change. Holders bound by lock-up agreements have promised not to sell until 2 May 2027 without the lead underwriters' consent.
The business behind the offer reported sales of ¥1.34bn in the year to September 2025 and an operating profit of ¥237mn in the nine months to June 2026, after an operating loss of ¥206mn in the prior year.