On August 21, 2025, GMO Commerce, Inc., a consolidated subsidiary of GMO Internet Group, received approval for an initial public offering (IPO) on the Tokyo Stock Exchange Growth Market. The listing date is scheduled for September 25, 2025 (Thursday), when the company’s shares will begin trading.
目次
1. Company Overview and Business
Established in November 2012, GMO Commerce operates under the vision of becoming “the marketing platform for every store.” The company develops and provides marketing platforms that enhance customer experience (CX) and promote digital transformation (DX) for physical retail stores.
As of December 2024, GMO Commerce’s services were adopted by 15,370 stores across industries such as retail, dining, apparel, and entertainment. Notably, about 70% of its revenue comes from recurring monthly subscription fees, giving the company a stable, stock-based revenue model.
2. IPO Offering Details
- Ticker Code: 410A
- Market: TSE Growth Market
- Industry: Services
- Expected Price: ¥1,160
- Estimated Market Cap: approx. ¥5.99 billion (USD 40 million)
- Estimated Proceeds (Offering Size): approx. ¥2.09 billion (USD 14 million)
- New Shares (Public Offering): 1,568,400 shares
- Secondary Offering (incl. Over-allotment): 235,200 shares
- Total Offering: 1,803,600 shares
- Offering Ratio: 43.6% (relatively high compared to small-cap IPOs)
- Key Dates:
- Pricing Range Announcement: September 5, 2025
- Book-building: September 8–12, 2025
- Final Offering Price: September 16, 2025
- Subscription Period: September 17–22, 2025
- Listing Date: September 25, 2025
- Lead Underwriter: Daiwa Securities
- Other Underwriters: SMBC Nikko, Nomura Securities, Mizuho Securities, Mitsubishi UFJ Morgan Stanley Securities, au Kabucom Securities
3. Stock Price Outlook
The indicative IPO price is ¥1,160. Some analysts (e.g., Kabu Bridge) rate the deal as “S” grade, with a potential debut price of 1.7x or more (around ¥1,972+).
The positive factors are:
- Thematic appeal: DX and CX transformation
- Stable recurring-revenue business model
- Backing of a strong parent group (GMO Internet Group)
- Medium-sized offering with decent liquidity
However, risks include:
- A relatively high offering ratio (43.6%), which could weigh on demand
- The medium-sized fundraising amount, which might dilute IPO enthusiasm
- Market sentiment, especially since other notable IPOs like Orion Beer are also scheduled for the same period
4. Unique Aspects of This IPO
- First GMO Group company focused on physical retail DX and CX – making it a unique positioning with no internal competition.
- 100% subsidiary of GMO Internet Group, which provides investor confidence and operational stability.
- Strong first-mover advantage – with over a decade of proven track record in digital marketing for real-world stores.
- Recurring revenue + AI adoption – stable earnings with growth potential through tech enhancements.
5. Conclusion
GMO Commerce (Ticker: 410A) is set to list on the TSE Growth Market on September 25, 2025. With a strong recurring-revenue model, the backing of GMO Internet Group, and a growth-oriented theme of CX/DX, this IPO has both stability and upside appeal.
However, investors should carefully monitor demand during book-building, the final pricing decision, and market sentiment around the listing date. Comparing this IPO with other offerings in the same period will also be crucial.
For those considering participation, securing multiple brokerage accounts and reviewing the prospectus in detail is strongly recommended.
