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GameForge Studios IPO | IPO Radar Japan

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Growthlisted315A

GameForge Studios

ゲームフォージスタジオ

Gaming · Listed 2025-06-18

Price Overview

Offer Price

¥1,250

Range: ¥1,000–¥1,300

First Day Open

¥2,100

First Day Close

¥1,950

Current Price

¥1,860

Post-IPO Returns

1st Day

—

7d

—

30d

—

90d

—

180d

—

1y

+48.8%

52W High

¥1,862

52W Low

¥1,372

Avg Volume

156,782

Business Description

GameForge Studios is a mid-size Japanese game developer known for mobile RPGs and console titles. Flagship title 'Eternal Legends' has 8 million monthly active users across Asia.

Risk Factors

Hit-driven business model
Mobile gaming market saturation
Talent competition from major publishers

Offering Details

Lead UnderwriterDaiwa Securities

Bookbuilding2025-06-04 – 2025-06-10

Shares (Koubo)2,000,000

Shares (Uridashi)400,000

Overallotment360,000

Lock-up

Typeboth

Period180 days

Price Trigger¥1,875

Financials

Revenue (Latest)¥6M

Revenue (Prev)¥4M

Revenue Growth30.9%

Op. Margin20.0%

Net Income¥1M

Ownership

CEOYuto Hashimoto

Founder Ownership38.0%

VC Ownership15.0%

Employees280

Founded2016-03-01

Use of Proceeds

New title development, global publishing expansion, studio acquisition