CTW Cayman(CTW), a Tokyo-based company that offers free-to-play HTML5 games based on popular Japanese anime characters, cut its IPO at pricing to 2.4 million shares – down from 3.0 million shares in the prospectus – and priced the IPO at $5.00 – the low end of its $5.00-to-$6.00 price range – to raise $12 million on Tuesday night, Aug. 5, 2025. CTW Cayman’s stock opened at $4.75 – down 25 cents from its IPO price – today – Wednesday, Aug. 6, 2025 – on the NASDAQ. Shares of CTW Cayman were trading at $4.39 at about 1:07 p.m. EDT today on the NASDAQ on volume of about 1.35 million shares – after trading in a range from $4.15 to $4.88.
At pricing, CTW Cayman had a market cap of $307 million.
Kingswood was the lead book-runner. TFI Securities & Futures Limited was also a book-runner.
CTW Cayman plans to use most of the IPO proceeds for its global market expansion beyond Japan, according to the prospectus.
“We are a leading globally accessible Web-based gaming platform, offering players an immersive digital space through our flagship HTML5 platform, G123.jp,” CTW Cayman said in the prospectus. “Our platform showcases a diverse selection of free-to-play games inspired by popular Japanese animations, including Queen’s Blade, So I’m a Spider, So What? and Goblin Slayer.
“The HTML5-based G123.jp platform removes common barriers to gameplay, such as downloads, installations, and mandatory registrations, ensuring that seamless instant access is available to players worldwide across different types of devices, including mobile devices beyond just PCs.”
The Japanese company said its “primary focus is serving game developers as our core customers by providing a comprehensive platform that helps them generate revenue and reach a global audience. Through our gaming platform, we share revenue generated from players’ in-game purchases worldwide.”
CTW Cayman had 27 games on its platform and 11 games in pre-registration at the time that it began the process of going public.
According to the Frost & Sullivan Report, CTW Cayman was the world’s largest anime IP-based H5 games platform in 2023 in terms of gross billings, the prospectus said.
CTW Cayman is profitable, according to the prospectus: Net income of $2.65 million on revenue of $76.5 million for the 12 months that ended Jan. 31, 2025.
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