On September 9, 2025, the Tokyo Stock Exchange officially approved the listing of Cypress Holdings (Ticker: 428A) on the Standard Market. The company is scheduled to debut on October 8, 2025. In this article, we will provide a detailed overview of the company’s business model, IPO terms, valuation outlook, and the key points that investors should keep in mind.
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Company Overview and Business Activities
Cypress Holdings primarily engages in the management of group companies operating restaurant businesses, along with all related activities. Its flagship brand is Tsukiji Shokudo Gen-chan, complemented by a diverse multi-brand strategy. As of the end of August 2025, the company operated 36 brands with 126 directly managed outlets, mostly concentrated within the 23 wards of Tokyo.
IPO Offering Overview
- Ticker Code: 428A
- Market: TSE Standard
- Industry: Retail (Restaurant Chain Management)
- Assumed Offering Price: ¥780
- New Share Issuance (Public Offering): Not disclosed at this time
- Secondary Offering (Sale of Existing Shares): 3,518,800 shares, plus an overallotment option of up to 527,800 shares
- Total Offering Size / Proceeds: Approx. ¥3.16 billion based on the assumed price
- Market Capitalization (at listing assumption): Approx. ¥9.94 billion
- Schedule:
- Bookbuilding Period: September 24–29, 2025
- Pricing Date: September 30, 2025
- Subscription Period: October 1–6, 2025
- Listing and Settlement Date: October 8, 2025
- Lead Underwriter: Daiwa Securities
Stock Price Considerations
The assumed price of ¥780 corresponds to a PER of around 58.65x and a PBR of approximately 5.2x, levels that appear somewhat high for the restaurant sector. However, factors such as the lock-up structure, offering size, and the breadth of the company’s store network could help balance supply and demand.
Historically, IPOs priced below ¥1,000 per share tend to generate stronger aftermarket performance. That said, given Cypress Holdings’ offering size and moderate brand recognition, its initial trading may result in only a modest price increase.
Unique Points of This IPO
One distinctive feature of this IPO is the multi-brand expansion strategy. Cypress Holdings operates a wide variety of dining formats across Japan, with a particularly strong presence in shopping malls and food courts thanks to established relationships with developers.
Another point of interest is the growth potential in regional markets. While the current footprint is largely within metropolitan Tokyo, there is significant room for expansion into other parts of Japan.
In terms of shareholder stability, strict lock-up arrangements for major shareholders provide a degree of supply-side assurance. Additionally, although the company was formally established in 2019, its roots trace back to 1993, giving it a longer track record and a business that has shown steady recovery in both sales and profits.
Conclusion
The IPO of Cypress Holdings (428A), scheduled for October 8, 2025, on the TSE Standard Market, comes at a relatively reasonable assumed price of ¥780. This price point, combined with the company’s growth opportunities, could attract investor attention.
However, given its current market profile, the offering scale, and valuation multiples, the initial upside may remain limited. Investors should take a measured approach, weighing factors such as the company’s multi-brand expansion, growth potential beyond Tokyo, and shareholder lock-up conditions when considering participation.
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