Toggle Holdings (Ticker: 652A JP) is a Tokyo-based technology-enabled real estate group founded in 2020. Its Land Creation business uses proprietary AI, geospatial and building data to identify off-market plots with redevelopment potential, assemble adjoining properties, coordinate ownership rights and demolitions, and sell development-ready sites to property developers. Its smaller Agentic Platform business develops AI software and agents that automate research, workflows and other operational tasks.

The company expects to begin trading on the Tokyo Stock Exchange Growth Market on October 30, 2026. The base offering comprises 3,369,500 shares—2,244,600 newly issued and 1,124,900 existing shares—at an indicative range of JPY 4,030–4,040. At the midpoint, the offer is valued at JPY 13.60 billion (approximately $86.02 million), excluding an overallotment option of up to 505,400 shares. Of the base offering, approximately JPY 9.06 billion relates to new shares, rather than sales by existing shareholders. The final offer price is due October 22. SMBC Nikko Securities, UBS Securities Japan and SBI Securities are the principal underwriters.

Revenue totaled JPY 12.35 billion in FY2025, and management forecasts JPY 25.56 billion for FY2026, alongside JPY 2.80 billion in operating profit. Land Creation remains overwhelmingly dominant, exposing results to property-market conditions, financing costs and transaction timing.