LAYERED Inc. (634A): IPO opening-price forecast and listing overview

LAYERED Inc. provides healthcare institutions with various SaaS products that facilitate connections between patients and healthcare services, pursuing a multi-product strategy centred on healthcare digital transformation. For the fiscal year ending June 2026, the company posted substantial growth, with revenue of approximately ¥1.98 billion and ordinary profit of approximately ¥33.7 million. Revenue is generated across three segments: the healthcare DX stock business, healthcare DX initial business and advertising business.

The basic IPO information was as follows: listing date, 25 September; expected price, ¥1,400; indicative range, ¥1,350–¥1,400; and opening price, ¥2,230, approximately 1.59 times the expected price. The lead underwriter was SBI Securities, with only a small number of other securities companies, including Daiwa Securities and Okasan Securities, handling the offering.

Among the company’s major shareholders, nanos was the largest with a 26.94% stake, followed by Maitsuto Ketsuka (毛塚牧人) with 23.77% and Goro Tazawa (田澤悟郎) with 23.87%. The company disclosed a venture-capital ownership ratio of approximately 7.9%, and lock-up conditions apply.

The business is centred on three areas: the healthcare DX stock business, which charges monthly fees; the healthcare DX initial business, which charges initial fees; and the advertising business. The advertising business, which deploys digital signage for healthcare institutions, had more than 3,500 screens as of 2025 and is considered one of the largest in Japan.

LAYERED Inc.’s opening price rose from the offering price of ¥1,400 to ¥2,230. Despite the effects of supply and demand and the Standard Market listing, the offering may have been well received. Overall, factors supporting the higher opening price included the company’s growth potential and improved ARPU, despite its small-scale IPO.