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CTW Cayman, a game platform company operating the HTML5 platform G123.jp, priced its initial public offering of 2.4 million Class A ordinary shares at $5.00 per share. The company expects to receive gross proceeds of $12 million before underwriting discounts and expenses.
The shares received approval for listing on the Nasdaq Capital Market under ticker symbol NASDAQ: CTW, with trading expected to commence August 6, 2025. The offering is expected to close on or about August 7, 2025, subject to customary closing conditions.
CTW granted underwriters a 45-day option to purchase up to an additional 360,000 Class A ordinary shares at the public offering price, less underwriting discounts. Kingswood Capital Partners serves as the representative of the underwriters for the offering.
The company stated that approximately 85% of net proceeds will support global market expansion initiatives, with the remainder allocated to general working capital and corporate purposes.
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. According to a Frost & Sullivan Report cited by the company, CTW was the largest anime IP-based H5 games platform globally in 2023 by gross billings.
The U.S. Securities and Exchange Commission declared the company’s Form F-1 registration statement effective on July 30, 2025. The offering is conducted on a firm commitment basis.
Information in this article is based on the company’s press release statement.