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TOKYO - CTW Cayman, a game platform company specializing in web-based games inspired by Japanese animations, has priced its initial public offering at $5.00 per share, the company announced Tuesday. The company enters the market with $76.19 million in revenue for the last twelve months and an impressive 76% gross profit margin.
The firm is offering 2,400,000 Class A ordinary shares, expecting to raise $12 million in gross proceeds before deducting underwriting discounts and related expenses. CTW has also granted underwriters a 45-day option to purchase up to an additional 360,000 shares at the offering price. According to InvestingPro, the company maintains a healthy current ratio of 1.52, indicating strong short-term liquidity.
The company’s shares are expected to begin trading on The Nasdaq Capital Market on Wednesday under the ticker symbol "CTW," with the offering scheduled to close on or about August 7, subject to customary closing conditions.
According to the company, approximately 85% of the proceeds will support global market expansion initiatives, with the remainder allocated to general working capital and other corporate purposes.
Kingswood Capital Partners, LLC is serving as the representative of the underwriters for the offering, which is being conducted on a firm commitment basis.
CTW operates the HTML5 platform G123.jp, which offers free-to-play games based on Japanese anime intellectual property. The company generates revenue by sharing proceeds from in-game purchases with game developers, achieving an EBITDA of $0.53 million in the last twelve months. InvestingPro analysis shows the company’s overall Financial Health score as FAIR, with detailed insights available to subscribers.
A registration statement relating to the offering was filed with the U.S. Securities and Exchange Commission and declared effective on July 30, 2025, according to the press release statement. For comprehensive financial analysis and additional metrics on CTW’s performance, investors can access detailed reports on InvestingPro.
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