Toyo Denki Seizo K.K. announced that it has raised 493,500 common shares at an issue price of ¥942 per share for gross proceeds for ¥464,877,000 on May 15, 2023. The shares will be issued through third party allotment. The transaction included the participation from existing investor East Japan Railway.

The transaction is expected to closing on May 31, 2023.