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CTW Cayman, a gaming platform company that operates the HTML5 platform G123.jp, completed its initial public offering on August 6, 2025. The company sold 2.4 million Class A ordinary shares at $5.00 per share, raising $12 million in gross proceeds before underwriting fees and expenses.
The shares began trading on the Nasdaq Capital Market under the ticker symbol NASDAQ: CTW. The company has granted underwriters an option to purchase up to 360,000 additional shares at the IPO price within 45 days to cover over-allotments.
CTW operates G123.jp, which provides web-based games inspired by Japanese animations including Queen’s Blade, So I’m a Spider, So What?, and Goblin Slayer. The platform offers free-to-play games and shares revenue from in-game purchases with game developers.
Kingswood Capital Partners served as the representative of the underwriters for the offering. The Securities and Exchange Commission declared the company’s Form F-1 registration statement effective on July 30, 2025.
According to a Frost & Sullivan report cited in the company’s filing, CTW was the largest anime intellectual property-based H5 game platform globally in 2023 measured by gross billings. The Tokyo-based company focuses on helping game developers monetize Japanese anime intellectual property by reaching global audiences.