Listing on the TSE Growth market to take PD House nationwide (2022)

Growth capital, and what that capital hurried

This listing is not contained by the phrase "raising funds." At a time when an unlisted regional company lacked both the capital investment to spread specialized facilities across the country and the recruiting base to assemble nurses and neurologists, the public market was a place that satisfied both at once. Growth capital raised at an offer price of ¥1,940 per share was turned into capital investment in new facilities, pushing non-consolidated revenue from ¥4.4bn in the year to March 2020 to ¥20.1bn in the year to March 2024, and in 2024 the company moved to the Prime market — the listing can be seen as the move that converted nationwide expansion into real speed.

That said, that speed also worked to bring the strain in the company’s revenue design to the surface sooner. The hybrid visiting-nurse model that supported nationwide expansion ran on a "pass mark" of ¥810,000 in monthly medical fees, and in 2025 it was found to constitute more than ¥2.8bn in improper claims, leading to the reversal of ¥2.4bn of prior-year revenue and a review of the market segment. To the extent that the capital obtained through listing hurried the opening of facilities, the model’s inclination toward over-billing appears to have spread equally fast. Where the money is drawn from, and what that money is used to hurry, were inseparable questions.