LECRE Inc., a Tokyo record-DX platform operator known for construction-site photo-management software, filed a securities registration statement with the Kanto Local Finance Bureau on September 8, 2026, ahead of a planned October 15 debut on the Tokyo Stock Exchange Growth Market. The filing splits the deal into two very different pools of money: a small tranche of treasury shares that funds the company, and a far larger block of existing stock that pays off its founder.
The primary offering is modest. LECRE will release 500,000 shares of treasury stock, priced for filing purposes at an assumed ¥1,360 each, worth an estimated ¥680mn. The company's founder is selling separately: 2,840,000 existing shares worth an estimated ¥3.86bn, more than six times the size of the company's own raise. Lead underwriter Nomura Securities can add up to 501,000 further shares through an over-allotment, borrowed from TAK Co., the founder's asset-management vehicle, worth up to ¥681.4mn and contingent on investor demand.
| Component | Shares | Estimated value | Who gets the money |
|---|---|---|---|
| Treasury-stock disposal (public offering) | 500,000 | ¥680mn | LECRE Inc. (the company) |
| Secondary sale by founder | 2,840,000 | ¥3.86bn | The company's founder |
| Over-allotment (greenshoe) | up to 501,000 | up to ¥681.4mn | Nomura Securities (via borrowed shares) |
None of those prices are final. The indicative range is set September 28, the offer and underwriting prices are fixed October 5, and trading starts October 15, with TAK Co. and other insider shareholders and option holders agreeing not to sell further shares without the lead underwriter's written consent until April 12, 2027, an agreement that does not cover lending shares for the over-allotment sale.
At the assumed price, LECRE's net proceeds from the treasury-share disposal come to ¥621.6mn after ¥4mn in issuance costs. Combined with up to ¥626.9mn from a separate treasury-stock allotment tied to the over-allotment, the company caps total proceeds at ¥1.25bn. It plans to spend ¥482mn on hiring product managers, AI engineers and sales staff, ¥283.5mn on AI and system development covering its "RecAI" engine and the newly launched "AITURBO" vehicle-maintenance cloud, ¥249mn expanding its head office, and ¥234mn on sales promotion, phased through the year to September 2029.
The numbers explain the timing. Sales rose from ¥1.84bn in the year to September 2021 to ¥2.92bn in the year to September 2025, and ordinary income reached ¥341.7mn in the latest year after two loss-making years earlier in that stretch. The listing also starts unwinding family control: the founder, his relatives, and TAK Co. together hold 88.8% of shares outstanding, a group stake the sale is designed to push below controlling-shareholder level.