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.
Will Smart Co., Ltd., headquartered in Koto-ku, Tokyo, is a technology company focused on solving social issues through mobility innovation. Since its founding in 2012, the company has been committed to promoting digital transformation (DX) within the mobility sector—supporting public transportation providers, logistics companies, and local governments with data-driven and automation-focused solutions. In an era of labor shortages and demographic decline in Japan, Will Smart offers technologies that help clients automate operations, reduce manual labor, and enhance service accessibility across urban and rural regions.
The company’s mission is to “leverage ideas and technology to solve social challenges,” and its services span the development and operation of reservation systems, digital signage, vehicle data platforms, and shared mobility systems. Will Smart has steadily expanded its product lineup to include EV charging management, ride-sharing platforms, and next-generation IoT-connected vehicle devices—tailored to the evolving needs of transportation and logistics ecosystems.
As of 2024, Will Smart is executing a three-pronged growth strategy:
(1) expanding DX initiatives within railway and transportation groups;
(2) entering the logistics sector with vehicle tracking and operational efficiency tools; and
(3) engaging in regional co-creation efforts to address public mobility gaps through ride-share and tourism-oriented digital solutions.
The company’s flagship Will-MoBi platform is evolving into a modular, scalable suite of functions for car-sharing, route planning, EV operations, and data analytics.
In fiscal year ending December 2024, Will Smart reported revenue of ¥512 million—a 22.6% decline year-over-year—largely due to delayed project execution amid a sluggish EV market and withdrawal from its import business segment. For the fiscal year ending March 2026 (April 2025–March 2026), the company forecasts a significant rebound, with projected revenue of ¥1.2 billion and a return to profitability driven by full-year project cycles and deeper market penetration in logistics and regional public mobility.
Will Smart primarily serves large organizations, including railway companies, energy providers, and major logistics firms. Its client list includes ENEOS, Kyushu Railway Company, Keio Dentetsu Bus, Keikyu Bus, and Panasonic Electric Works, among others. The company also maintains close partnerships with local governments, leveraging public-private collaboration to deploy smart mobility infrastructure in underserved areas. Looking forward, Will Smart aims to establish itself as a leading platform provider in the mobility DX space. Through continued investment in platform development, strategic M&A, and public-sector partnerships, the company seeks to reshape how people and goods move across Japan—creating a more inclusive, efficient, and sustainable transportation future.
| Company Name | Will Smart |
| Headquarters | 2-11-6 Tomioka, Koto-ku, Tokyo |
| Website | https://willsmart.co.jp/ |
| Year of Establishment | 2012/12/12 |
| Listing Date | 2024/4/16 |
| Industry | Information and communication industry |
| Business Overview | Planning and proposing DX-driven solutions to address business challenges—primarily in the mobility industry—along with contracted software development and operational support. |
| Representative (CEO) | Yasuhiro Ishii |
| Number of Employees | 50 (as of 2024/1/31) |
| Stock Exchange | Tokyo Stock Exchange Growth |
| Auditor | Deloitte Tohmatsu |
| Lead Underwriter | Daiwa Securities |
| Market capitalization (at opening price) | 2,282 million yen |
| PER (at opening price) | -7.02 |
| Major shareholders (Top 3) | •Zenrin Co Ltd (55.81%) •Kyushu Railway Company (14.66%) •Yasuhiro Ishii (6.80%) |
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
