Innovacell Secures Approval for IPO on Tokyo Stock Exchange in 2026

Innovacell's Journey to IPO

Innovacell, a pioneering cell therapy company founded in 2000 after spinning out from the Medical University of Innsbruck, has recently garnered attention in the investment landscape. This approval, granted by the Tokyo Stock Exchange for an initial public offering (IPO) on January 19, 2026, marks a significant milestone for the company and its stakeholders, including the Hifumi crossover fund, operated by Rheos Capital Works.

Founded with a commitment to develop innovative solutions for conditions like fecal and urinary incontinence, Innovacell is on a mission to enhance the quality of life for patients affected by these issues. Their lead product, ICEF15, aims to address the physical and psychological burdens faced by individuals dealing with incontinence problems. The company engages in rigorous clinical development of several treatment candidates, capitalizing on proprietary manufacturing technologies to create a robust pipeline of cell therapy solutions.

Support from Hifumi Crossover Fund

The investment firm, Rheos Capital Works, has been supporting Innovacell since May 2025, a decision that has proven fruitful as the company progresses toward its IPO. Matsumoto Ryouka, the fund manager, expressed enthusiasm for the developments surrounding Innovacell, particularly noting the team’s commitment to the global challenge of providing hope and advanced therapies to those in need. As per the securities registration statement, Innovacell has added the United States as a participatory country in their international Phase III trials, a crucial step towards achieving their business milestones.

Hifumi Crossover Pro Fund

The Hifumi Crossover Pro fund is specifically designed for investments in both listed and unlisted companies, allowing investors to benefit from a crossover investment strategy. Established in September 2024, this fund broadens investment opportunities beyond the confines of conventional markets, especially catering to retail investors who previously had limited access to unlisted investment opportunities.

By addressing the structural challenges faced by startups in Japan, such as difficulties in fundraising pre-IPO and a decline in long-term shareholder interest post-IPO, Hifumi Crossover Pro aims to provide consistent support throughout the growth lifecycle of innovative companies. The fund has attracted significant trust from investors, recently surpassing ¥40 billion in total assets under management.

The Vision of Rheos Capital Works

Founded in 2003, Rheos Capital Works operates under the philosophy of contributing to society via capital markets. Their Hifumi investment trust series supports long-term asset growth while maintaining a protective investment strategy. In addition to managing investment funds, Rheos also administers assets for pensions and institutional investors around the globe. The company is a subsidiary of SBI Global Asset Management (Stock Code: 4765).

For those looking to invest, shares in Hifumi Crossover Pro can be acquired through direct Rheos accounts or partner distribution channels. Updated partner listings are available on their website, providing resources for potential investors.

This significant progress for Innovacell and its alignment with the values of the Hifumi Crossover Pro fund exemplifies a growing trend towards innovative healthcare solutions and enhanced investor engagement in the Japanese market.

Resources

With the IPO on the horizon, Innovacell is set to play a key role in the evolution of therapeutic options for incontinence and beyond, promising a brighter future for patients and investors alike.