NOTA, the NOT A HOTEL operator, wins approval for TSE Growth IPO
NOTA, formerly NOT A HOTEL, has received approval to list on the Tokyo Stock Exchange's Growth market on December 9, with an expected market cap of about ¥111 billion.
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giftdetect· the right gift in minutesNOTA, the company formerly known as NOT A HOTEL, has won approval from the Tokyo Stock Exchange to list its shares. The listing is on the Growth market under the ticker 673A and is scheduled for December 9.
The offering consists of 5,080,800 newly issued shares and a secondary sale of 12,216,600 shares, plus an over-allotment of up to 2,594,600 shares. Nomura Securities is sole bookrunner, with SBI Securities as co-lead. Part of the deal will be sold overseas, mainly in Europe and Asia, excluding the US and Canada. The price range will be set on November 20, bookbuilding runs from November 24 to 27, and the offer price is fixed on November 30.
At the assumed issue price of ¥1,390, the filing implies a market capitalization of about ¥111.06 billion based on 79.898 million shares outstanding after the offering. Proceeds, including over-allotment, could reach about ¥27.65 billion.
A fractional-ownership model for second homes
Founded in Roppongi, Tokyo, in April 2020, the company sells co-owned villas that can be rented out as hotel rooms when owners are away. Owners buy between 10 and 360 nights a year, with access to other properties, an app for booking and stay management, and a resale marketplace. Annual management fees are around 3% of the initial purchase price. It has since added NOT A GARAGE, which applies the same model to helicopters, yachts and jets.
The numbers are growing quickly. Contract value reached about ¥33.04 billion in the year to March 2026, up from ¥23.17 billion. For the six months to September 2026, revenue was about ¥21.69 billion, operating profit ¥4.31 billion and net income ¥1.74 billion. At the end of September the company had 1,357 owners, 10 open locations and 44 houses, with hotel occupancy of 79.1%.
Use of proceeds and shareholders
The company expects net proceeds of up to roughly ¥9.94 billion from the domestic offering and the over-allotment-related share issue, excluding overseas sales. About ¥5.2 billion is earmarked for personnel and ¥4.74 billion for marketing.
CEO Shinji Hamauzu holds 27.45%, followed by Open House Group at 8.55%, Sequoia at 6.18%, ANRI at 5.57% and Toyota Invention Partners at 4.47%.
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