[Summary]
On May 21, 2026, the new listing of LiNKX (584A) on the TSE Growth Market was approved. The scheduled listing date is June 23, 2026.
The business is modernization of core systems mainly in the financial field. It is a company that handles fairly rigid areas such as banking, payment, accounting systems, API gateways, and data infrastructure.
The scale of the IPO is small. If the expected issue price is set at 710 yen, the market capitalization at the time of listing will be approximately 4.82 billion yen, the absorption amount will be approximately 1.2 billion yen, and the offering ratio will be approximately 24.9%.
It's not bad if it's just supply and demand. One unit costs around 70,000 yen, which is in a price range that makes it easy for individuals to participate as a growth IPO. There aren't many IPOs in June, and they appear to be quite strong in terms of AI, financial DX, profitability, and small size.
However, compared to the 189,100 shares publicly offered, 1,278,600 shares were sold and 220,100 shares were OA, so existing shareholders are likely to sell. This will be a bit of a weight due to initial price formation.
The business theme is clearly strong. Renovation of legacy systems at financial institutions, modernization of regional banks' accounting systems, and transition to cloud native are structural themes that are likely to continue into 2027.
From an investor's perspective, evaluations differ depending on whether they view LiNKX as a mere contract development company or as a high-value-added IT company that specializes in modernizing core financial systems. I think this is the essence of this IPO.
Personally, I would like to see changes in major customer dependence, engineer recruitment, sales per employee, and in-house product ratio after listing, rather than just looking at the initial price.
Listing overview
First, let's sort out the listing conditions.
| Item | Contents |
|---|---|
| Company name | LiNKX Co., Ltd. |
| Stock code | 584A |
| Market Segmentation | TSE Growth |
| Planned listing date | June 23, 2026 |
| Listing approval date | May 21, 2026 |
| Lead manager | Nomura Securities |
| Business details | Modernization business of core systems, etc. mainly in the financial field |
| Estimated issue price | 710 yen |
| Number of shares outstanding at time of listing | 6,787,400 shares |
| Estimated market capitalization | Approximately 4.82 billion yen |
| Number of publicly offered shares | 189,100 shares |
| Number of shares to be sold | 1,278,600 shares |
| OA secondary offering | 220,100 shares |
| Estimated absorption amount | Approximately 1.2 billion yen |
| Offering ratio | Approx. 24.9% |
The market capitalization at the time of listing is approximately 4.82 billion yen, which is the expected issue price of 710 yen multiplied by the number of outstanding shares at the time of listing, 6,787,400 shares.
The absorption amount will be approximately 1.2 billion yen, which is the sum of 1,687,800 shares (public offering, secondary offering, and OA) multiplied by 710 yen.
As a growth IPO, this is not an extremely heavy deal. However, since the ratio of secondary offerings is high, in terms of supply and demand, it is easier to focus on ``partial redemption of existing shareholders'' rather than ``procuring growth funds.''
This is where the initial price formation tends to be a little heavy.
IPO supply and demand: Small and easy to buy, but likely to sell
When looking at the initial price of an IPO, the first thing that matters is supply and demand.
The number of publicly traded shares of LiNKX is 189,100 shares for public offering, 1,278,600 shares for secondary offering, and 220,100 shares for OA, for a total of 1,687,800 shares.
| Classification | Number of shares |
|---|---|
| Public offering | 189,100 shares |
| Secondary offering | 1,278,600 shares |
| OA | 220,100 shares |
| Total | 1,687,800 shares |
The sellers of the shares to be sold are Mr. Yuichi Konishi, Mr. Takashi Konishi, Mr. Osamnia Mohamed, and Mr. Beylerian Anthony.
If the public offering size is around 1.2 billion yen, it falls into the relatively light category in the growth market. Unlike large-scale growth IPOs of over 5 billion yen, the size is such that supply and demand can easily be tightened with just personal funds.
Furthermore, the estimated price is 710 yen, so 1 unit is 71,000 yen. This ease of purchase is quite effective in IPOs. It is easy for NISA accounts, young people, and IPO beginners to access funds, and the psychological hurdles for purchasing at the initial price are low.
As of May 26, 2026, there are not many domestic IPOs scheduled for June. While there are large-scale projects like GO, smaller, profitable, financial DX-themed projects like LiNKX are relatively more noticeable.
However, the offering ratio is approximately 24.9%, and the ratio of publicly traded shares to the number of outstanding shares at the time of listing is reasonable.
Moreover, the focus is on sales.
In terms of supply and demand assessment, the answer is ``It's quite light.However, we will look at the sales ratio.'' The risk of falling short of the public offering appears to be low, but if the initial price jumps significantly, I would like to confirm a profit-taking sale within 2-5 business days after the initial price.
With this type, the sense of direction changes depending on whether institutional investors or theme funds remain after that, rather than the initial price itself. If the context of financial DX, AI utilization, and local bank modernization continues, there is room for price movements typical of small-sized growth.
Business model: Modernization of core financial systems
LiNKX's business is system modernization centered on the financial field.
Roughly speaking, the job is to replace an old and complicated core system with a more modern IT infrastructure.
In short, he is a super practical expert in renewing financial legacy.
The look is based on 2026 themes of AI, cloud native, API infrastructure, and data infrastructure. However, the reality is quite harsh. Close to high-priced SI, financial IT consulting, upstream engineering, and mission-critical development.
Key point
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APIKey point
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financeKey pointThe target area is quite heavy.
Bank accounting systems, payment systems, BaaS, API gateways, data infrastructure, etc. are more mission-critical than ordinary web service development.
If it fails, it will lead to suspension of services and loss of credibility for customer companies. That's why there are certain barriers to entry.
In LiNKX's disclosure materials, specific examples include Minna no Bank's smartphone app and BaaS platform, SU-PAY's payment system development support, and Hokkoku Bank's next-generation accounting system development support.
If this field is seen as just a man-month business, it will be difficult to appreciate it.
On the other hand, if the company is recognized by the market as a company specializing in ``financial cloud migration,'' ``account system modernization,'' and ``API infrastructure,'' the PER evaluation will change considerably.
What the market is likely to expect is its positioning as a Japanese version of a cloud-native bank infrastructure player. In other words, this is a pure play on domestic financial modernization.
However, it is dangerous to say too much here. At this point, LiNKX is more of a high-value-added engineering company than a SaaS company. In order to be evaluated as a product company, we need to see how far we can move from flow-type development support to horizontally deployable common infrastructure and license income.
Performance: Sales are rapidly expanding and profits are in the black
Recent results have improved considerably.
| Fiscal year end | Sales | Ordinary income | Net income |
|---|---|---|---|
| June 2023 | 672 million yen | 56 million yen | 77 million yen |
| June 2024 | 827 million yen | 138 million yen | 87 million yen |
| June 2025 | 1.374 billion yen | 336 million yen | 228 million yen |
Sales for the fiscal year ending June 2025 are 1.374 billion yen, ordinary income is 336 million yen, and net income is 228 million yen.
Sales are still small, but profit margins are high.
The operating profit margin for the fiscal year ending June 2025 is 24.5%. It's quite expensive compared to normal SIer. The combination of financial specialization, high unit price upstream, cloud/AI human resources, and a small number of elite personnel is working.
If you divide the estimated market capitalization of 4.82 billion yen by the net income of 228 million yen for the fiscal year ending June 2025, the PER will be approximately 21 times. As a growth IPO, it is not at a level that gives a strong sense of overheating.
If the market views it favorably, it will be evaluated as ``not just an SES, but a highly profitable engineering company that renovates core financial systems.''
However, what must not be overlooked here is customer concentration.
The top two customers account for 71.6% of sales in the fiscal year ending June 2025. Furthermore, sales to Hokkoku Bank alone account for 49.5% of sales.
This dependence is high.
The company is strong while large-scale projects continue, but when projects are downsized or contract conditions change, it has a significant impact on business performance.
Human resources: Although we are a group of high-priced engineers, there is also a large personnel cost risk.
LiNKX's characteristics are also reflected in its human resources composition.
As of the end of April 2026, the number of employees is 109, the average age is 34.5 years old, and the average annual salary is 8.142 million yen.
According to disclosed materials, software engineers account for over 80% of all employees, and more than half of them are from overseas, including Europe, America, and Asia.
This is a strength.
Modernizing core financial systems is not a task that can be accomplished simply by bringing together people. It involves cloud, API, data infrastructure, security, agile development, and understanding of financial operations.
However, strengths can also be risks.
Hiring talented engineers requires high salaries, and rising labor costs will put pressure on profit margins. The company's disclosure materials also clearly state the risk of rising personnel costs.
In other words, when making LiNKX investment decisions, it is necessary to look at not only sales growth, but also sales per employee, hiring speed, salary level, outsourcing ratio, and gross profit rate.
This is also the biggest issue in the medium to long term.
LiNKX's sales for the fiscal year ending June 2025 are 97.9% flow-type revenue and 2.1% stock-type revenue. In other words, the current structure is to increase sales by assigning people to projects and accumulating projects.
It is still different from a model like SaaS, where the marginal profit rate increases as the number of companies using it increases. Increasing the number of people will increase sales, but it will also increase the burden of hiring, salaries, training, and project management. This is where it is easy to create a ceiling in PER.
On the other hand, if stock-type income such as BX Connect, AXcelerator, maintenance/operation, and other company's service licenses increases, the way we are viewed will change. The market is still looking at that.
What does the partnership with Kindril Teradata mean?
LiNKX entered into a strategic partnership with Japan Teradata in May 2025 for data utilization in the AI era.
Additionally, in May 2026, we concluded an AI partnership agreement with Kindril Japan.
This is material that is quite easy to use as a listing story.
When it comes to system reform at financial institutions, it is not easy for a single small IT company to handle large-scale projects on its own. Collaboration with major IT infrastructure companies and data infrastructure companies may be the gateway to large-scale projects.
However, the partnership is just the beginning.
What the market really evaluates is not the partnership itself, but whether it generates sales and profits.
How will the collaboration with Kindril and Teradata be reflected in orders, sales, and gross profit margins through 2027? This will be the highlight of the mid-term period.
Market Impact
The market capitalization of LiNKX is assumed to be approximately 4.8 billion yen, so it is not an IPO that will move the entire TSE Growth Index.
The impact on the overall market is limited.
However, as an individual theme, it is interesting.
Financial DX, system renewal for local banks, cloud migration of legacy systems, 2025 cliff, data infrastructure in the AI era. These are themes that are easy for investors to understand.
If IPO conditions are not extremely bad, there is likely to be some demand for it as a "profitable financial DX stock." Particularly in the current IPO market, it is easier for personal funds to invest in deals that are profitable, have a theme, and have a light absorption amount than AI stocks that are in the red.
On the other hand, if you buy on a secondary basis after an IPO, the real challenge comes after the volume has fallen.
It is possible for a stock to rise after the initial price simply by purchasing the theme, but in order to be continuously evaluated, it is necessary to confirm growth through the next financial results and KPI disclosure.
Immediately after listing, stocks tend to move wildly, with the initial price soaring, profit-taking selling, and pressure buying. If you want to see if there are really strong funds in the market, the guideline is to look at the trading volume and the rise in the bottom price within 2-5 business days after the initial price.
2027 Stock Price Scenario
It is dangerous to determine stock prices in 2027 based on a single number.
IPO stocks fluctuate greatly depending on supply and demand, lock-ups, financial results, sentiment, interest rates, and the overall risk tolerance of the growth market immediately after listing.
Then, it will be easier to understand if you organize it as a scenario.
| Scenario | Conditions | Stock price image |
|---|---|---|
| Bullish | Expand orders from financial institutions, reduce dependence on major customers, monetize collaborative projects | Attempt to establish above 1,000 yen |
| Neutral | Sales growth continues, but increased personnel costs and customer concentration remain | Mainly in the 700 yen to 900 yen range |
| Bearish | Downsizing of major projects, difficulty in recruiting personnel, selling pressure after lock-up | Be wary of falling below public price |
In the bullish scenario, financial institutions' demand for system modernization will continue and the number of customers other than Hokkoku Bank will need to increase.
Furthermore, if the collaboration with Kindril Japan and Japan Teradata becomes a large-scale project and becomes successful, the market may begin to reconsider LiNKX as a company specializing in financial system reform, rather than just a contract development company.
In that case, there is room for the stock to be valued at around 30x PER.
On the other hand, if the majority of sales growth continues to depend on existing large customers and rising labor costs reduce profit margins, the company's valuation will be difficult to improve.
There are three points to watch in 2027, rather than stock prices themselves:
| Points to check | How to view |
|---|---|
| Customer diversification | Will dependence on Hokkoku Bank decrease |
| Engineer productivity | Will sales per employee be maintained or increased |
| Stock-type income | Will it expand from 2.1% in the fiscal year ending June 2025 |
If these three things improve, the evaluation will likely be strong in the first year after listing.
If I had to add one more thing, it would be to create our own product.
Will it end with individual development for each financial institution, or will the focus be on common products such as financial API platforms, accounting system modernization support tools, and AI operation automation that can be deployed horizontally to multiple companies? This is the turning point in whether a company can break away from being a "high unit price system integrator" within 1-2 years after going public.
Key points for investment decisions
LiNKX's IPO is not bad if only for its theme.
Renovating core financial systems is not a demand that will simply disappear in an economic downturn. Modernizing legacy systems is inevitable for banks and payment providers.
On the other hand, there are also clear points that investors should be wary of.
| Discussion points | Evaluation |
|---|---|
| IPO supply and demand | The absorption amount of 1.2 billion yen is light, but the offering ratio is high |
| Performance | Rapid growth in both sales and profits |
| Profitability | Operating profit margin of 24.5% for the fiscal year ending June 2025 is quite high |
| Customer concentration | 71.6% for the top two companies, 49.5% for Hokkoku Bank is a big risk |
| Human resources | We are a group of high-value-added engineers, but there is a risk of rising labor costs |
| Growth Materials | Financial DX, Accounting System Modernization, Kindler Partnership |
| SaaS nature | Current situation is weak, stock-type income is 2.1% |
| Initial price expectations | Supply and demand and themes are strong, but be careful of profit-taking selling after the initial price |
If you are aiming for the initial price, you will want to look at the preliminary conditions at the time of determining the public price, market conditions, popularity of book building, and the initial price results of the most recent IPO.
From a medium-term perspective, financial results for the fiscal year ending June 2026 and guidance for the fiscal year ending June 2027 are more important than the stock price immediately after listing.
Honestly, it looks like a pretty good deal for a short-term IPO.
On the other hand, the medium to long term is a different game. LiNKX has too many customers to buy based on the story alone. It is easy for the market to evaluate the theme of financial modernization if the numbers are accurate, but if the view is that it was just a high-priced man-month business, it will be difficult to increase the PER.
I think this is a stock whose financial results and KPIs should be checked once the heat has cooled down after the IPO.
Summary
LiNKX (584A) is a financial system modernization company scheduled to be listed on the TSE Growth Market on June 23, 2026.
The estimated market capitalization is approximately 4.82 billion yen, and the absorption amount is approximately 1.20 billion yen. As an IPO, this is a small project, and supply and demand is quite light. However, the high sales ratio is worrisome.
In terms of business, the themes include renewal of legacy systems of financial institutions, API infrastructure, advancement of accounting systems, and support for payment system development. It is also easy to evaluate the fact that there are concrete examples such as Hokkoku Bank, Minna no Bank, and SU-PAY.
However, the ratio of the top two customers for the fiscal year ending June 2025 is 71.6%, and 49.5% for Hokkoku Bank, so the risk of customer concentration is quite high.
Continuing demand for financial DX is not the only condition for stock prices to become strong toward 2027. It will be necessary to reduce dependence on major customers, maintain engineer productivity, increase stock-type income, create in-house products, and monetize partnership projects with Kindler and Teradata.
LiNKX is at a crossroads between an IPO that ends with just the initial price, or a medium-term stock with a theme of financial system reform.
The answer lies in the first financial results after listing and the extent to which the company discloses its KPIs.
Reference information
- Japan Exchange Group “Newly listed company information” https://www.jpx.co.jp/listing/stocks/new/
- Japan Exchange Group “LiNKX Co., Ltd. Newly listed company overview” https://www.jpx.co.jp/listing/stocks/new/t13vrt0000019k00-att/06LiNKX-Outline.pdf
- Japan Exchange Group “LiNKX Co., Ltd. Securities Report for Initial Listing Application (Part I)” https://www.jpx.co.jp/listing/stocks/new/t13vrt0000019k00-att/06LiNKX-1s.pdf
- Minkabu “LiNKX will be listed on the TSE Growth Market on June 23rd” https://s.minkabu.jp/news/4524212
- Traders Web “LiNKX IPO stock details” https://www.traders.co.jp/ipo/584A
- Nomura Securities “LiNKX Co., Ltd. Information on stock offering and secondary offering in conjunction with new listing” https://www.nomura.co.jp/solution/financial-assets/stock/ipo/584A.html