Thirteen Times Undecided

Six companies filed to go public between 14 and 18 August 2026. Their registration statements run 138 to 180 pages. In every one of the six, the word 未定 — undecided — appears either thirteen or fourteen times.

The cover shows why. Under 【届出の対象とした募集(売出)金額】, Vertex (株式会社ベルテックス) prints three figures: a 募集金額 of ¥1,419,075,000 (US$8.66 million) by book-building, a 売出金額 of ¥318,000,000 (US$1.94 million) taken up by the underwriters, and an over-allotment portion of ¥298,125,000 (US$1.82 million). Then a note: 募集金額は、有価証券届出書提出時における見込額(会社法上の払込金額の総額)であり、売出金額は、有価証券届出書提出時における見込額であります。 — both are estimates as at the time of filing.

The same three lines and the same note appear on all six covers, verbatim but for Kagayaki Holdings', which prints the field name and the note with full-width parentheses. akippa's 募集金額 is ¥173,502,000 (US$1.06 million); Kagayaki Holdings' is ¥83,300,000 (US$509,000); Audiostock's ¥88,400,000 (US$540,000); Technocraft's ¥228,123,000 (US$1.39 million); Skyfall's ¥1,402,500,000 (US$8.56 million).

A registration statement of this kind is filed before the price is set. Book-building runs afterwards, so the price itself is not yet fixed. Where the cover nonetheless carries a total, it carries it as a 見込額 — an estimate as at the filing date — and says so in a note directly beneath.

That is what makes the count so tight: six unrelated companies, three different bureaus, and a spread of one. What the six share is the form and the stage — each was filed before its price was set. Which thirteen fields the word sits in is not established here.

The counts are 13, 13, 13, 13, 14 and 14. Eighty in total across 947 pages.

The 見込額 count varies more — 11 to 23 — because that word appears wherever an estimate is flagged, including in tables that repeat it.

None of the six carries a securities code in EDINET's index. The column is empty on all of them, which is what an index looks like before a company has a code to put in it.

They did not all file in the same place. Four went to the Kantō Local Finance Bureau, one to Chūgoku and one to Kinki. Audiostock's cover names 中国財務局長 and akippa's 近畿財務局長, and the form is otherwise identical.

All six register 株式, shares. None registers anything else.

So the six documents agree on the form and differ on the amounts, and the amounts they carry are marked as estimates in the same sentence that carries them.

On the counts. The six are the documents EDINET's list describes as 有価証券届出書（新規公開時）with a submission timestamp between 14 and 19 August 2026, counted by distinct document ID, read from an index pulled on 23 August.

The 未定 and 見込額 counts are occurrences of those strings in the full text of each document as extracted, with page headers and footers removed and every space deleted before counting, so that a term broken across a line break is still counted once. A flat search cannot tell a field label from the same word in a sentence, and no attempt is made here to separate them.

The three cover amounts are read from 【届出の対象とした募集(売出)金額】 as printed. No share count appears anywhere in this piece, so no price per share can be derived from it.

What this does not show: which fields the 未定 sit in. Counting them establishes that the number is nearly constant across six documents; saying which thirteen fields they are would mean reading each document field by field, and that is a different piece.

Thirteen times undecided, in a document of a hundred and fifty-one pages, filed by a company about to be priced.

On currency: the yen figures above are converted at ¥163.8 = US$1, the single rate this file uses, taken for 24 July 2026, for which the daily reference rate is 163.82.