TBM Co., Ltd.

Executive Summary

TBM is a Japanese sustainability startup that developed 'LIMEX,' a revolutionary material made primarily from limestone that can replace paper and plastic. The core business model involves manufacturing and selling LIMEX pellets and sheets, which require significantly less water and trees than traditional paper and less petroleum than plastic. TBM has expanded rapidly across Japan, with its materials used in everything from business cards and menus to retail packaging for major brands. While currently focused on domestic Japanese infrastructure, the company is aggressively targeting international markets as ESG mandates tighten globally. Its primary strength is its proprietary, patented technology and the virtually unlimited supply of raw limestone. This IPO will be a major signifier of Japan's ability to produce globally relevant 'Cleantech' unicorns.