CTW Cayman Shares Surge 33% Post-IPO Amid New Employee Equity Plan

CTW Cayman: Company Overview

CTW Cayman (NASDAQ: CTW) operates G123.jp, a browser-based HTML5 gaming platform that hosts free-to-play titles inspired by Japanese animation. Founded in 2013 and headquartered in Minato, Tokyo, the company serves game developers by providing distribution, marketing support, and revenue-sharing tools. Since its inception, the platform has featured over 65 games, with 29 active titles and 19 in development.

Corporate Structure and Workforce

With approximately 201–500 employees, CTW Cayman maintains teams across development, marketing, and corporate functions. Leadership engages with investors and industry peers, including a public presentation at the Nasdaq in August 2025. In September 2025, the company filed an S-8 registration (Form S-8, September 19, 2025) to implement the “CTW Cayman 2025 Equity Incentive Plan” and “CTW Cayman 2025 Employee Share Purchase Plan,” aligning employee interests with long-term performance.

Gaming platform by Barbora Dostálová

Recent Developments and News

• August 6, 2025: CTW commenced trading on the Nasdaq Capital Market, raising $12 million by offering 2.4 million Class A ordinary shares at $5.00 each.
• September 5, 2025: CTW appointed Golden Ocean FAC PAC as its new independent auditor, replacing YCM CPA INC. (6-K filing dated September 11, 2025).
• September 19, 2025: The company filed Form S-8 to register equity awards for employees.
• September 23, 2025: Shares closed at $2.50, up 33.20% on a trading volume of 960,452 shares.

Financial and Strategic Analysis

Over the 12 months ended January 31, 2025, CTW reported revenue of $76.2 million and net income of $2.65 million (EPS $0.04). As of August 28, 2025, key trading metrics included:

• Market capitalization: $134.8 million
• Trailing P/E: 50.95
• Price/Sales: 1.77
• Price/Book: 5.63
• Profit margin: 3.47%
• Total cash: $15.07 million; Debt/Equity: 18.6%

In fiscal year 2024 (ended July 31, 2024), revenue grew 8.7% year-over-year to $68.4 million, with net income nearly doubling to $6.0 million. For the six months ended January 31, 2025, revenue reached $41.2 million, implying an annualized run rate of approximately $82.4 million and a ~2.9× EV/Revenue multiple at a $240 million post-IPO valuation. The strategic use of IPO proceeds includes international expansion and content development.

Market Position and Industry Context

CTW Cayman is recognized as a significant platform for anime IP-based HTML5 games and ranks third among all HTML5 developers by gross billings. In Japan, G123.jp remains popular for "instant play" experiences. Internationally, CTW’s overseas revenue share has increased, particularly in South Korea and Taiwan, but Japan still accounts for over 70% of total sales. According to Frost & Sullivan, the share of anime-based HTML5 titles in the global market grew from 10.3% in 2019 to 25.5% in 2023, driven by the increasing popularity of anime on platforms such as Netflix. Browser gaming outside Asia remains niche, and the company’s ability to replicate domestic margins abroad will be a key factor in its expansion.

TL;DR

• On August 6, 2025, CTW Cayman raised $12 million in its Nasdaq IPO at $5.00 per share.
• On September 23, 2025, shares increased 33.20% to $2.50, valuing the company at approximately $135 million.
• A September 19, 2025 S-8 filing establishes equity incentive plans aimed at enhancing employee alignment.
• Expansion plans target the U.S., Europe, and Southeast Asia; maintaining margin stability amid higher overseas spending will be critical.