MabGenesis is scheduled to list on the TSE Growth Market on 2 November, with an indicative market capitalization of ¥7.27 billion. Based on an offer price of ¥830, the opening-price forecast is a range of at least 1.0x and less than 1.3x, or approximately ¥902 to ¥1,172.
MabGenesis (653A) is engaged in the research and development of antibody drugs for pets. Its IPO basics include a listing date of 2 November (Monday) and a Growth Market listing. The indicative market capitalization is ¥7.27 billion, positioning it as a pharmaceuticals-sector IPO. The lead underwriter is Tokai Tokyo Securities, and the participating securities firms include SBI Securities, Marusan Securities and Monex Securities.
Kabu Ridge's independent opening-price forecast is rated C, representing at least 1.0x and less than 1.3x. Based on the indicative issue price of ¥902, the opening price is expected to range from ¥902 to ¥1,172. The price range is ¥800–¥830, and the offer price is ¥830. The bookbuilding period is expected to run from 15 October to 21 October, with the lottery results scheduled for 22 October and the listing on 2 November. The opening price is scheduled to be announced on the same day.
In terms of its business, entering into joint research agreements and licensing out in-house projects are the main sources of revenue. For the fiscal year ending March 2026, revenue was ¥337.54 million and ordinary profit was ¥36.43 million, marking a return to profitability. Joint projects account for approximately 90% of revenue, with the major customers concentrated among 3 companies: Nippon Soda, MSD Animal Health and Ceva Santé Animale. The VC holding ratio is high at 56.9%, and the impact of lock-ups and supply-demand factors has been identified as a point requiring attention.