NOTA to list on Tokyo Stock Exchange Growth market with 111 billion yen valuation

NOTA, the operator of the shared villa and hotel brand “NOT A HOTEL”, has received approval to list on the Tokyo Stock Exchange Growth market. The company is scheduled to debut on December 9, 2026, with an estimated market capitalization of approximately 111 billion yen based on an expected issue price of 1,390 yen.

Founded in 2020, NOTA utilizes a unique business model that sells property rights before construction is complete, effectively reducing inventory risk by securing demand upfront. This approach allows the company to leverage contracts to secure financing from multiple financial institutions. The brand collaborates with prominent architects, including Bjarke Ingels Group (BIG) and Tadao Ando, to develop high-end properties.

The company’s model allows owners to purchase a specific number of nights per year, with the ability to rent out unused days as hotel stays via a dedicated app. As of September, the company reported approximately 37 billion yen in contracted but unrealized revenue, reflecting a significant pipeline of upcoming property handovers.