Metros Development Co., Ltd. (MTRS) Announces February 16th IPO

Metros Development Co., Ltd. (MTRS) expects to raise $8 million in an initial public offering on Friday, February 16th, IPO Scoop reports. The company will issue 1,000,000 shares at $8.00-$9.00 per share.

In the last twelve months, Metros Development Co., Ltd. generated $489.1 million in revenue and $41.6 million in net income. Metros Development Co., Ltd. has a market cap of $431 million.

Metros Development Co. Ltd. provided the following description of their company for its IPO: “We are a real estate consulting company that identifies and purchases what we believe to be underdeveloped real estate properties (land and/or buildings) and re-sell such properties to real estate developers so that they can redevelop those properties. We do not develop, redevelop or participate in the building or construction of any real properties. We also do not engage in realtor-services nor do we provide services such as title services. (Incorporated in Japan) (SIC 6552) Our mission is to maximize the values of the land and building of real estate owners by first identifying their real estate holdings as underdeveloped and proposing the most effective use of the identified real estate. For example, if a real estate property is located in an upscale residential area, but the property, whether it be a building or land, is being used for low-value single-family homes, low-rise buildings or is at the moment just a plot of land, we do not believe that this is the most effective use of the land and we bring that to the attention of the property owner. Once we identify an underdeveloped property, we negotiate diligently with the landowner to purchase that property. We often purchase separate small parcels of land and sell them to a developer as a single large lot. Selling the land as a single large lot often increases the value of the property and allows us to sell it at a higher price to developers that will develop the property for high-end condominiums or commercial buildings. We believe that we also contribute to the creation of safe and comfortable urban environments by purchasing old buildings that lack fire resistance and earthquake resistance and selling them as land for development. By encouraging construction of fire resistance and earthquake resistance buildings, we aim to be beneficial to society as a whole. We are operating under the slogan of “Make the first step for safer and more secure cities.” In Japan, which is prone to earthquakes, typhoons, and other natural disasters, building “safer and more secure cities” is a constant objective, one that requires perseverance over many years and a steady, step-by-step buildup of efforts. We believe that the real estate redevelopment projects that we facilitate are the first steps toward creating “safer and more secure cities.” In making the first step for safer and more secure cities, we value and conform to a philosophy called “Sampo-yoshi,” which is a traditional Japanese business philosophy. “Sampo” is the Japanese word for three parties: the seller, the buyer, and society. “Yoshi” means “good” or “beneficial” in Japanese. Therefore, it refers to the philosophy of doing good business, which is intended to be a win-win situation for the seller, the buyer, and society. It is essential for the seller and buyer to be satisfied, and that a good business can only be said to be good if it contributes to society as well. In our business, for landowners, the value of their property is expected to increase by the proposed redevelopment. For us, we can profit from the increased value of property. For society, it generally becomes safer and more secure by the redevelopment. “Good for the people, good for the city, and good for society.” This philosophy of “Sampo-yoshi” is our most valued corporate spirit and the very company we are striving to become. *Note: Net  income and revenue are for the 12 months that ended May 31, 2023. (Note: Metros Development Co. Ltd. cut the size of its IPO to 1.0 million shares – down from 1.875 million shares initially – and set the assumed IPO price at $8.00 – the low end of its $8.00-to-$9.00 price range – to raise $8.0 million, according to an F-1/A filing dated Dec. 26, 2023.)  (Background: Metros Development Co. Ltd. filed an F-1/A dated Dec. 1, 2023, in  which it disclosed that EF Hutton has been named a joint book-runner to work with Boustead Securities. Metros Development Co. Ltd. filed an F-1/A on Oct. 19, 2023, and disclosed the terms for its IPO: 1.875 million shares at $8.00 to $9.00 to raise $16.15 million. However, the prospectus says the assumed IPO price is $8.00, the low end. If the IPO is priced at $8.00, the deal will raise $15.0 million. The Tokyo-based company filed its F-1 on Sept. 26, 2023.) “.

Metros Development Co. Ltd. was founded in 2013 and has 172 employees. The company is located at Ginza Sanno Building 7F 4-10-10, Ginza, Chuo-ku Tokyo, Japan Telephone: +81 3-6457-9420 and can be reached via phone at +81 3-6457-9420 or on the web at https://metros61.com/.

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