In the IPO market, data platforms and digital transformation (DX) services are increasingly attracting investor attention. Among them, USONAR, a company specializing in corporate database solutions and sales/marketing support, is set to debut on the Tokyo Stock Exchange Growth Market on October 17, 2025. This article provides an overview of the company, details of its offering, stock price outlook, and the unique aspects of this IPO.
目次
Company Overview and Business Activities
Founded in September 1990, USONAR operates in the information and communications sector. Its flagship product is LBC, a proprietary corporate database built on publicly available information. As of June 2025, LBC covers approximately 12.5 million business locations across Japan, including offices, factories, and branches, all consolidated under parent company structures.
The database is leveraged across multiple solutions:
- USONAR: A cloud-based platform for client data integration and cleansing.
- PlanSonar: A service for building highly targeted sales lists.
- mSonar: A business card management and sales support tool.
- Registry Sonar: A new service utilizing corporate registry information.
Together, these solutions allow companies to unify, enrich, and optimize their customer data for sales, marketing, credit checks, and compliance purposes. Key shareholders include the founder, Mitsui & Co. Corporate Investment, and the Development Bank of Japan.
IPO Offering Overview
- Securities Code: 431A
- Market: TSE Growth
- Industry: Information & Communications
- Expected Price: ¥1,910
- New Shares (Public Offering): 50,000
- Secondary Offering (Existing Shares): 2,265,000
- Overallotment Option: 347,200
- Total Offering: 2,315,000 shares
- Expected Proceeds (Market Cap Raised): Approx. ¥5.08 billion
- Market Cap at Listing: Approx. ¥16.5 billion
- Date of Price Range Announcement: September 30, 2025
- Bookbuilding Period: October 1 – October 6, 2025
- Final Offering Price Announcement: October 7, 2025
- Subscription Period: October 8 – October 14, 2025
- Listing Date: October 17, 2025
- Lead Underwriter: Nomura Securities
Stock Price Outlook
The expected price is set at ¥1,910, with an offering size of about ¥5.08 billion and a projected market cap of ¥16.5 billion. This places the IPO in the mid-sized category.
From an investment perspective, liquidity will likely be sufficient due to the relatively large secondary offering. The company’s positioning in the DX and database segment adds strong thematic appeal. However, the extremely small public offering (just 50,000 shares) and the high proportion of secondary shares suggest that upward momentum for the debut price could be capped.
Analysts currently forecast the initial trading price in the ¥1,910–2,400 range, implying moderate upside potential.
Unique Aspects of This IPO
Several factors make this IPO notable:
- High secondary share ratio: Most shares offered are existing shares, with very few new shares issued. This makes the offering more about shareholder exits than fresh capital raising.
- LBC as a core asset: A massive corporate database with multi-purpose applications gives USONAR a defensible market position.
- Product diversification: Multiple service lines (USONAR, PlanSonar, mSonar, Registry Sonar) strengthen customer lock-in.
- Overallotment mechanism: With ~15% extra shares allocated (347,200), liquidity is supported even under high demand conditions.
Conclusion
The USONAR IPO offers a compelling mix of data-driven business fundamentals and growth potential in DX-related services. While its strong thematic positioning is attractive, the unusually high secondary share ratio and limited upside expectations for the debut price warrant careful consideration.
For investors, this is a case where monitoring the bookbuilding demand and final offering price will be critical before deciding on participation. In our view, it is a balanced IPO—attractive for long-term growth exposure to the data economy, but not without risks in terms of valuation and initial performance.
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