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Complete guide

KABU& complete guide: how to get the shares, what they can do, the consolidation and the listing timeline

By Free Lunch Lab ·

KABU& is a service from Kabu & Peace Inc., led by Yusaku Maezawa. Paying for KABU& electricity, gas, mobile and other services, or spending with the KABU& Card, earns “share vouchers”, which you can exchange during an offering period for newly issued, unlisted “KABU& class shares” in the company.12

In short, it pays the rebate on bills you would pay anyway in unlisted shares instead of cash or points. Right now the shares cannot be sold, carry no vote and have never paid a dividend. Whether they turn into real value depends on a listing, or on the 2028 buyback if there is no listing.

Good fit if you

  • already pay for power, gas or a phone and KABU&’s prices are no higher than what you pay now
  • can wait several years without using the rebate
  • are fine with identity checks and opening a brokerage account
  • find it interesting to be a shareholder in an unlisted company

Not a good fit if you

  • want a sure rebate now, in cash or points
  • want to be able to sell your shares at any time
  • do not live in Japan (only adults living in Japan can join)
  • would switch to a more expensive plan just to collect vouchers

At a glance

Operator
Kabu & Peace Inc. (CEO: Yusaku Maezawa)
What you get
Share vouchers (each counts as ¥1), exchangeable for unlisted shares during offering periods 12
Rate (regular members)
1% of the bill for electricity and gas, 5% for mobile; more for paying members 1
4th offering
¥8 a share; applications from 6 to 26 November 2026 2
Needed for shares
An application during the offering, eKYC and a Daiwa Connect Securities account 2
Who can join
Adults living in Japan (foreign nationals must meet residence status conditions)
Cash out
Not possible for now (unlisted)

How you get the shares

  1. Register as a member. Only adults living in Japan can join; foreign nationals must meet residence status conditions
  2. Sign up for KABU& electricity, gas, mobile or other services and pay for them (spending with the KABU& Card also counts). Regular members get vouchers worth 1% of the bill for electricity and gas and 5% for mobile; paying members get more 1
  3. Apply during an offering period. The 4th offering is priced at ¥8 a share and takes applications from 6 to 26 November 2026 2
  4. Pass eKYC, open a Daiwa Connect Securities account and link it to KABU& by 6 December. Without the link, no shares are allotted 2
  5. Receive your allotment. In the 4th offering the number of shares is rounded down to a multiple of 10, and unused vouchers (up to 79) are returned 2

Example: a ¥10,000 monthly power bill at 1% earns 100 vouchers a month, or 1,200 a year. At ¥8 a share that is 150 shares, worth ¥1,200 at the issue price. After the consolidation on 22 December 2026 the same holding is 15 shares.

Vouchers can also be turned into ¥1 discount vouchers for the group’s services, but discount vouchers cannot be turned back into share vouchers.2

Referrals give vouchers to both sides. The official notes say rewards do not apply if referral codes are spread on social media.

What the shares can and cannot do

Can

  • Receive dividends: if the company pays a dividend on common shares, these get the same amount per share at the same rank (but it has never paid one since it was founded, and whether or when it will is undecided) 2
  • Become common shares at a listing: if the board approves a listing application, the company can convert them one-for-one into common shares with voting rights (the class shares themselves are not listed) 2
  • Be bought back if there is no listing: if the company is not listed by 31 December 2028, holders who got shares in the 3rd or 4th offering can ask the company to buy them at an appraised value, capped at 1.2 times the amount paid 3

Cannot

  • Vote at shareholder meetings (no voting rights) 2
  • Receive leftover assets if the company is wound up (none are distributed) 2
  • Sell or transfer freely (they are unlisted with no market, and a transfer needs board approval) 2
  • Be bought with money (the shares can only be obtained with vouchers)

The company also has a right to buy them: if you are expelled as a member, or do not answer its notices for six months or more, it can acquire your shares for the amount paid in.2

Key dates

  1. 1st and 2nd offerings. Afterwards the company had 823,947 shareholders 2

  2. Maezawa writes that listing preparations aim at spring 2027 at the earliest, without guaranteeing a listing or its timing 4

  3. Application period of the 4th offering (¥8 a share) 2

  4. Deadline to link a Daiwa Connect Securities account to KABU& for the 4th offering’s allotment 2

  5. Every 10 shares become 1. The share count drops to one-tenth; the company says the consolidation itself does not change the value of a holding 24

  6. Earliest target for a listing (not guaranteed) 4

  7. If not listed by this date, holders from the 3rd and 4th offerings can ask for a buyback at appraised value, capped at 1.2 times the amount paid 3

FAQ

What is the KABU& share consolidation? Do I lose shares?

On 22 December 2026 every 10 shares are combined into 1. The share count drops to one-tenth, but the company says the consolidation itself does not change the value of a holding: 150 shares become 15. To prepare, the 4th offering rounds allotments down to multiples of 10 and returns unused vouchers (up to 79).24

Do I need a Daiwa Connect Securities account?

Yes, to receive shares. You must pass eKYC, open a Daiwa Connect Securities account and link it to KABU&. For the 4th offering the deadline is 6 December, and without the link no shares are allotted. The account is needed for the exchange; collecting vouchers starts with membership and paying for services.2

What happens if KABU& never lists?

If the company is not listed by 31 December 2028, holders who got shares in the 3rd or 4th offering can ask the company to buy them back at a value set by an appraiser, capped at 1.2 times the amount paid. It is an appraised price, not a guaranteed one.3

Do KABU& shares pay dividends?

On paper, if the company pays a dividend on common shares, these get the same amount per share. But it has never paid a dividend since it was founded, and says whether or when it will is undecided.2

When will KABU& list?

On 29 October 2026 Maezawa wrote that preparations aim at spring 2027 at the earliest, while saying this does not guarantee a listing or its timing. Even after a listing, there is no guarantee the market price will beat the issue price. The class shares themselves are not listed; at a listing the company converts them one-for-one into common shares.124

Can I sell the shares or cash them out?

Not now. They are unlisted with no market, and a transfer needs board approval. The ways to cash out are selling common shares after a listing, or the 2028 buyback if there is none.23

Can I buy KABU& shares with money?

No. The shares can only be obtained with vouchers. Anyone offering to sell you KABU& shares by phone, social media or email is very likely a scammer.

Are vouchers wasted if I do not exchange them?

You can turn them into ¥1 discount vouchers for the group’s services instead. Discount vouchers cannot be turned back, so decide first whether you want shares or a discount.2

The good parts

  • You earn it on bills you would pay anyway; if the price is the same or lower than now, it costs nothing extra
  • These are real shares, issued under a securities registration statement filed with the Kanto Local Finance Bureau, unlike tokens with no legal claim 2
  • There is an exit if there is no listing (the 2028 buyback, capped at 1.2 times the amount paid) 3
  • Vouchers you do not exchange still work as ¥1 discounts 2
  • Referrals give vouchers to both sides

Risks and cautions

  • No cash out for now: the shares are unlisted and cannot be sold or cashed
  • No guaranteed listing: there is a target, but neither the listing nor its timing is guaranteed 14
  • No guaranteed gain even after a listing: the market price may not beat the issue price 2
  • Weak rights: no vote, no share of leftover assets, and no dividend so far 2
  • The 2028 buyback is at an appraised value, not a guaranteed price, and is capped at 1.2 times the amount paid 3
  • Vouchers basically come only from paying bills. If KABU&’s prices are higher than yours, you are buying shares through your power bill
  • Unlike a cash or points rebate, the value stays inside the company; what you hold is a promise
  • Deadlines matter: miss the Daiwa Connect account link and no shares are allotted 2
  • Offers to sell you shares by phone, social media or email are very likely fraud

If you want to start

First check on the official site that KABU&’s prices are no higher than what you pay now, then decide whether to sign up.

Want a referral code? DM @FreeLunchLab on X (the referrer, this site’s operator, also receives share vouchers).

Visit official site

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Related essay: Use it, own it: from Rochdale to airdrops to KABU&

Update log

  1. Published, covering the 4th offering, the 22 December 2026 share consolidation, the listing outlook and the 2028 buyback

Sources

  1. KABU& official site: share voucher rates, issue price, “listing is not guaranteed” (in Japanese) ↩
  2. Kabu & Peace — Prospectus for the 4th offering of KABU& class shares (Oct 2026, in Japanese) ↩
  3. Kabu & Peace — KABU& shareholder terms: transfer, compulsory acquisition, 2028 buyback (in Japanese) ↩
  4. Yusaku Maezawa — An important request ahead of the listing (KABU&, 29 Oct 2026, in Japanese) ↩

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