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TOKYO - Game platform company CTW Cayman announced Thursday it has closed its initial public offering of 2.4 million Class A ordinary shares at $5.00 per share, raising $12 million in gross proceeds before deducting underwriting discounts and offering expenses. Since its debut, the stock has declined to $3.54, with an average daily trading volume of 1.76 million shares, according to InvestingPro data.
The company’s shares began trading on the Nasdaq Capital Market on Wednesday under the ticker symbol "CTW." Kingswood Capital Partners, LLC served as the representative of the underwriters for the offering, which was conducted on a firm commitment basis.
CTW has granted the underwriters an option to purchase up to an additional 360,000 ordinary shares at the initial public offering price within 45 days to cover potential over-allotments.
The company operates G123.jp, an HTML5 platform that provides global access to web-based, free-to-play games inspired by Japanese animations. According to the company’s statement based on a Frost & Sullivan Report, CTW was the largest anime IP-based H5 game platform worldwide in 2023 measured by gross billings.
CTW’s business model involves sharing revenue generated from players’ in-game purchases with game developers. The company works with Japanese animation IP holders to offer content and resources to game developers, along with distribution and marketing services.
The registration statement for the offering was declared effective by the U.S. Securities and Exchange Commission on July 30, 2025.
This information is based on a press release statement from the company.
In other recent news, CTW Cayman has announced the pricing of its initial public offering (IPO) at $5.00 per share. The company, which specializes in web-based games inspired by Japanese animations, is set to list on the Nasdaq. Through this offering, CTW Cayman aims to raise $12 million in gross proceeds before accounting for underwriting discounts and related expenses. The firm is offering 2,400,000 Class A ordinary shares. Additionally, CTW Cayman has provided underwriters with a 45-day option to purchase up to an additional 360,000 shares at the offering price. These developments mark a significant step for the company as it enters the public market. Investors will be watching closely as CTW Cayman begins trading.
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