(Note: Metros  Development withdrew its previous IPO plans in an SEC letter dated July 16, 2024, and subsequently filed a new F-1 on July 16, 2024 – at the suggestion of the regulators – to reveal the terms for a larger IPO with a new sole book-runner. Metros Development also said it would seek to list its stock on either the NYSE – American Exchange or on the NASDAQ, according to the F-1 filing dated July 16, 2024.)

We are a real estate consulting company that identifies and purchases what we believe to be underdeveloped real estate properties (land and/or buildings) and re-sell such properties to real estate developers so that they can redevelop those properties. We do not develop, redevelop or participate in the building or construction of any real properties. We also do not engage in realtor-services nor do we provide services such as title services. (Incorporated in Japan) (SIC 6552)

Our mission is to maximize the values of the land and building of real estate owners by first identifying their real estate holdings as underdeveloped and proposing the most effective use of the identified real estate. For example, if a real estate property is located in an upscale residential area, but the property, whether it be a building or land, is being used for low-value single-family homes, low-rise buildings or is at the moment just a plot of land, we do not believe that this is the most effective use of the land and we bring that to the attention of the property owner.

Once we identify an underdeveloped property, we negotiate diligently with the landowner to purchase that property. We often purchase separate small parcels of land and sell them to a developer as a single large lot. Selling the land as a single large lot often increases the value of the property and allows us to sell it at a higher price to developers that will develop the property for high-end condominiums or commercial buildings.

We believe that we also contribute to the creation of safe and comfortable urban environments by purchasing old buildings that lack fire resistance and earthquake resistance and selling them as land for development. By encouraging construction of fire resistance and earthquake resistance buildings, we aim to be beneficial to society as a whole. We are operating under the slogan of “Make the first step for safer and more secure cities.” In Japan, which is prone to earthquakes, typhoons, and other natural disasters, building “safer and more secure cities” is a constant objective, one that requires perseverance over many years and a steady, step-by-step buildup of efforts. We believe that the real estate redevelopment projects that we facilitate are the first steps toward creating “safer and more secure cities.”

In making the first step for safer and more secure cities, we value and conform to a philosophy called “Sampo-yoshi,” which is a traditional Japanese business philosophy. “Sampo” is the Japanese word for three parties: the seller, the buyer, and society. “Yoshi” means “good” or “beneficial” in Japanese. Therefore, it refers to the philosophy of doing good business, which is intended to be a win-win situation for the seller, the buyer, and society. It is essential for the seller and buyer to be satisfied, and that a good business can only be said to be good if it contributes to society as well. In our business, for landowners, the value of their property is expected to increase by the proposed redevelopment. For us, we can profit from the increased value of property. For society, it generally becomes safer and more secure by the redevelopment. “Good for the people, good for the city, and good for society.” This philosophy of “Sampo-yoshi” is our most valued corporate spirit and the very company we are striving to become.

*Note: Net  income and revenue are for the 12 months that ended May 31, 2024.

(Note: Metros Development Co. Ltd. cut the size of its IPO to 1.33 million shares (1,333,334 shares) – down from 2.5 million shares previously – and kept the price range at $5.50 to $6.50 – to raise $8.0 million, according to an F-1/A filing dated Nov. 12, 2024.)

(Note: Metros Development Co. Ltd. added Kingswood as a new joint book-runner to work with Loop Capital Markets, the lead-left book-runner, in an F-1/A filing dated Oct. 29, 2024.)

(Note: Metros Development Co. Ltd. withdrew its IPO plans in a letter to the SEC dated July 16, 2024, and subsequently filed a new F-1 dated July 16, 2024, disclosing new terms for its IPO with a larger number of shares than under the previous filing: The company is offering 2.5 million shares – up from 1.0 million shares – and set the assumed IPO price at $6.00 – the middle of the new price range of $5.50 to $6.50 – to raise $15.0 million. Metros Development also named Loop Capital Markets as the new sole book-runner, replacing the previous joint book-runners Boustead Securities and EF Hutton.)

(Note: Metros Development Co. Ltd. cut the size of its IPO to 1.0 million shares – down from 1.875 million shares initially – and set the assumed IPO price at $8.00 – the low end of its $8.00-to-$9.00 price range – to raise $8.0 million, according to an F-1/A filing dated Dec. 26, 2023. In early February, the word was that the assumed IPO price is now expected to be $6.40. As of March 13, 2024, this IPO’s pricing date was still to be determined.) 

(Background: Metros Development Co. Ltd. filed an F-1/A dated Dec. 1, 2023, in  which it disclosed that EF Hutton has been named a joint book-runner to work with Boustead Securities. Metros Development Co. Ltd. filed an F-1/A on Oct. 19, 2023, and disclosed the terms for its IPO: 1.875 million shares at $8.00 to $9.00 to raise $16.15 million. However, the prospectus says the assumed IPO price is $8.00, the low end. If the IPO is priced at $8.00, the deal will raise $15.0 million. The Tokyo-based company filed its F-1 on Sept. 26, 2023.)