This article introduces recently IPO-listed companies in Japan while highlighting key challenges, business opportunities, industry trends, and unique business models in the Japanese market.

About COLUMBIA WORKS

Columbia Works Inc., headquartered in Shibuya, Tokyo, is a theme-based real estate development company committed to creating spaces where individuals can live as the protagonists of their own lives. Since its founding in 2013, the company has pursued an innovative urban development model called “Unicubation”—a fusion of uniqueness and incubation—to revitalize imagination and experience in the built environment.

Columbia Works operates under a single business segment: Real Estate Development, which integrates multiple services under its vertically integrated group structure:

1. Real Estate Development Services: Columbia Works develops residences, offices, and hotels under its proprietary brands such as Blancé, LUMIEC, and BIASTA. The company’s hallmark lies in its end-to-end project execution—from land acquisition to planning, development, leasing, and sale—offering personalized facilities that reflect local context and unmet needs. It has pioneered thematic developments including properties tailored for car enthusiasts, medical tenants, and wellness-focused lifestyles.
2. Property Leasing and Management: Through its wholly-owned subsidiary, Columbia Community Co., Ltd., the group manages commercial, office, and residential assets in the Tokyo metropolitan area. The company positions itself as a trusted proxy for asset owners, offering tailored leasing strategies, facility maintenance, and tenant services.
3. Hotel Operations: Columbia Hotel & Resorts Co., Ltd., a group subsidiary, operates unique art-concept hotels such as BnA Alter Museum in Kyoto and BnA Studio Akihabara in Tokyo. These properties merge artistic expression with hospitality to provide immersive guest experiences.
4. Asset Management: In 2023, Columbia Asset Management Co., Ltd. was established to offer advisory and investment management services for institutional and individual investors. The firm began operations in November 2024 after securing regulatory registrations, providing a new avenue for monetizing Columbia’s development pipeline.

As of FY2024 (ended December 31, 2024), the company reported consolidated revenue of ¥20.98 billion (+45.0% YoY), with ordinary profit of ¥3.89 billion (+43.2% YoY). The company listed on the Tokyo Stock Exchange Standard Market in March 2024.

Columbia Works’ strategy emphasizes diversified development schemes, including direct development, fund-based SPC models, and value-add renovations. The company also explores Build-to-Suit projects tailored to specific tenant needs, such as private health screening centers and international student dormitories.

Looking ahead, Columbia Works aims to deepen its theme-based development approach, integrating services into architecture to enhance Quality of Life (QoL) and stimulate social interaction. By embedding lifestyle experiences—such as fitness, wellness, education, and sustainability—into urban design, the company seeks to redefine the role of real estate in society.

COLUMBIA WORKS IPO Summary

Company Name	Columbia Works, Inc.
Headquarters	3-28-15 Shibuya, Shibuya-ku, Tokyo
Website	https://columbiaworks.jp
Year of Establishment	2013/5/14
Listing Date	2024/3/27
Industry	Real estate business
Business Overview	Operates in a single segment focused on real estate development, leasing, and hotel management.
Representative (CEO)	Hitoshi Nakauchi
Number of Employees	32 (as of 2024/1/31)
Stock Exchange	Tokyo Stock Exchange Standard
Auditor	Futaba
Lead Underwriter	Nomura Securities
Market capitalization (at opening price)	12,484 million yen
PER (at opening price)	7.97
Major shareholders (Top 3)	•Nstyle Corporation (52.00%) •Hitoshi Nakauchi (41.40%) •Naoya Mizyama (6.60%)

This document has been prepared based on information available at the time of the research. While we strive for accuracy, we do not guarantee the completeness or correctness of the information provided. This document is for informational purposes only and does not constitute investment advice or a recommendation. Readers are encouraged to conduct their own verification and due diligence before making any decisions.

Source: Tokyo IPO, Official Website, Yahoo! Finance