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Integral's Funds Exit Oliver's Shareholder Register as It Lists in Tokyo

Three Integral-linked funds that held 85% of interior-fit-out maker Oliver's votes fell to zero percent on its Tokyo Standard market debut, though millions of shares remain on loan to Nomura until mid-October and Oliver is guiding for an 8.5% revenue rise with a 70% payout ratio this year.

Sep 16, 20262 min readIntegral Corporation5842OLIVER CORPORATION619A
Illustration of three ownership-stake bars shrinking to zero next to stacked office furniture, representing a private-equity shareholder exit at a newly listed interior-solutions company.

Oliver Corporation, a maker of furniture and interior fit-outs for hotels, offices, restaurants and medical facilities, listed on the Tokyo Stock Exchange's Standard market on September 16, 2026. The same day, an extraordinary report filed with Japan's Kanto Finance Bureau recorded a wholesale change at the top of its shareholder register.

Three funds tied to private equity manager Integral, which took Oliver private in August 2021, together controlled 85.22% of the company's votes before the listing. After the IPO's secondary offering, each fund's reported stake fell to 0.00%: Integral No. 4 Investment Limited Partnership went from 46.88% (468,756 votes) to 10 shares, Initiative Delta IV L.P. from 20.44% to 50 shares, and Innovation Alpha IV L.P. from 17.90% to 10 shares.

Ownership Change at Oliver's Tokyo Listing
Post-change stakes exclude shares lent to Nomura Securities for the IPO's over-allotment option, due back by October 16, 2026.
FundStake Before (Aug 13, 2026)Stake After (Sep 16, 2026)Shares Lent to Nomura
Integral No. 4 Investment Limited Partnership46.88%0.00%*6,114,200 shares
Initiative Delta IV L.P.20.44%0.00%*2,666,500 shares
Innovation Alpha IV L.P.17.90%0.00%*2,334,300 shares

Those zero readings carry an asterisk. Each fund lent a block of shares to Nomura Securities to cover the IPO's over-allotment option, a facility running until October 16, 2026: 6,114,200 shares from the Integral No. 4 fund, 2,666,500 from Initiative Delta and 2,334,300 from Innovation Alpha. Until that loan is settled, the funds' exit is not fully final. Integral, which marks the stake to fair value each quarter under IFRS, said the sell-down's effect on its own consolidated results for the year to December 2026 would be minor.

Oliver used the same day to publish its first forecasts as a listed company: revenue of ¥38.0bn for the year to December 2026, up 8.5%, operating profit of ¥3.84bn, also up 8.5%, and net income of ¥2.62bn, up 4.3%. It plans a dividend of ¥18.33 a share, targeting a 70% payout ratio this year before easing to 50% or more from the following year. First-half revenue rose 9.1% to ¥18.65bn, led by a 34.1% jump in office, education and public-sector projects to ¥7.34bn, even as commercial-facility, lodging and medical-facility work all shrank. Oliver said the shareholder change has no effect on its management structure.