estie, inc. has set an indicative IPO price range of ¥1,070 to ¥1,100 a share, according to an amended registration statement filed on October 20. The board fixed the Companies Act payment amount at ¥909.50 a share the same day. That figure is a legal floor for the underwriting price, not the offer price; if the underwriting price falls below it, the new-share issue is cancelled.
Timetable
The offer price and underwriting price are due on October 28. Subscriptions run from October 29 to November 4, payment is due November 5, and shares are scheduled for delivery on November 6, which the filing gives as the first trading day.
Who gets the money
The company is issuing 50,000 new shares, fully underwritten by eight brokers led by SMBC Nikko Securities (36,500 shares) and Mizuho Securities (10,000). Existing holders are selling 5,638,800 shares in the underwriters' purchase offering, and those proceeds go to the sellers, not to estie. At the ¥1,085 midpoint, estie's net proceeds from the new shares are about ¥24.9mn after roughly ¥25mn of expenses.
A further 853,300 shares may be sold through an over-allotment, borrowed from the company's representative director. SMBC Nikko holds a matching third-party allotment of 853,300 new shares, payable December 9, worth up to ¥851mn net. With it, total proceeds could reach ¥876mn: ¥775mn for debt repayment and ¥101mn for acquisitions, with no deal yet decided. The over-allotment may shrink or not happen.
Sellers and cornerstones
The board kept the 5,638,800 total but reshuffled the sellers. Development Bank of Japan's sale falls to 341,400 shares from 819,900, while the representative director's rises to 548,800 from 300,000. Two further individuals now sell 100,000 shares each.
The company has asked underwriters to place shares with three designated buyers, at the offer price: UntroD Crossover Impact Fund No. 2 (up to 467,200 shares) and two property companies with business-alliance agreements (up to 280,300 each). All three have pledged to hold the shares until May 4, 2027. The fund would hold 2.62% after the offering.