toggle holdings,Inc. (652A) is scheduled to list on the TSE Growth Market. Its assumed market capitalization is approximately ¥59.49 billion, with an indicative price range of ¥4,030–¥4,040. The offering price is expected to be set at the upper end of the indicative range.
toggle holdings,Inc. is a company engaged in the acquisition and sale of land suitable for redevelopment using AI, as well as AI system development. Its listing on Friday, 30 October, has been announced. The assumed market capitalization is approximately ¥59.49 billion, making this a real estate IPO. The 3 principal lead managers are SMBC Nikko Securities, UBS Securities and SBI Securities.
The IPO schedule consists of bookbuilding from 15 October to 21 October, the lottery results announcement on 22 October, the offering price of ¥4,040 at the upper end of the indicative range, and listing on 30 October. The opening price is scheduled to be announced on 30 October, and the assumed offering price is ¥4,030.
The business comprises 2 segments, Land Creation and Agentic Platform. Land Creation identifies potential redevelopment sites and sells land for development, while Agentic Platform develops and provides operational infrastructure and offers consulting services to improve operational efficiency through the use of AI.
In the latest IPO market environment, concerns have been raised about supply and demand because of the large deal size. At the same time, the approximately 14% venture capital ownership ratio is viewed as a stabilizing factor, and the opening price forecast is rated C, with a range of 1.0x to less than 1.3x.
According to major shareholder information, Ito Yoshimori (伊藤嘉盛) is the largest shareholder with 37.96%, while Funi Co., Ltd. holds 34.55%. The shareholder structure is relatively concentrated.