HiJoJo Partners, a Tokyo fund manager that sells pre-IPO US company stakes to Japanese investors, has set the terms for its planned listing on the Tokyo Stock Exchange Growth market on 20 November, but not the price. Its amended securities registration statement, dated 26 October, assumes a range of ¥520 to ¥555 per share, with a midpoint of ¥537.50.
What is on offer
The board approved 5,405,400 new shares, the domestic upper limit, with existing holders selling 3,603,600 more through the underwriters. Mizuho Securities may sell up to 1,351,300 further shares in an over-allotment, a number that can shrink or drop to nothing depending on demand. At the midpoint, the new shares would bring in about ¥2.91bn gross and an estimated ¥2.64bn net.
The timetable runs from a provisional range set on 4 November, to pricing on 12 November, subscriptions from 13 to 18 November and payment on 19 November. Share counts may still change at the 4 November board meeting.
Where the money goes
The company plans ¥2.0bn for US subsidiaries that buy unlisted shares ahead of its Japanese funds, in the year to October 2027. A further ¥500mn that year, with the remainder in 2028, goes to co-investing alongside investors in a planned private-equity investment trust.
The earnings catch
Success fees were 48.6% of sales in the year to October 2025 and 75.8% in the six months to April 2026. One fund partnership, Space Fund 2, accounted for 69.8% of sales in the nine months to July 2026. The company says a SpaceX exit in the year to October 2027 could affect results, but says its success fees come from exits across several holdings.