Archive · 9 Oct 2026
Japan IPO Fundraising Slumps as Listings Hit 14-Year Low
Fewer companies in Japan are selling shares to the public for the first time.
By the end of September, only 32 had done so, the lowest number for that period since 2012.
This is happening while IPO activity has grown in other parts of Asia.
Japan’s stock exchange plans to make it harder for some smaller companies to stay listed, and that may make businesses and investors more cautious.
Japan has also had fewer high-profile companies connected to artificial intelligence than some other countries.
Some large investment-backed companies may still go public in the coming years.
A banker expects the market could gradually improve, but not necessarily return to 100 listings a year.
Japan recorded 32 initial public offerings through September, the lowest nine-month total since 2012.
IPO fundraising has weakened even as dealmaking and fundraising surged elsewhere in Asia.
The Tokyo Stock Exchange plans to require Growth Market companies, from 2030, to reach a ¥10 billion market value after five years to remain listed.
Bankers say the stricter listing threshold and limited supply of prominent AI-related firms have discouraged some companies and investors.
Potential deals from private-equity-backed companies could support a gradual recovery, though one banker said annual listings may not return to 100.
- Who
- Japanese companies seeking IPOs, investors, banks and the Tokyo Stock Exchange.
- What
- Japan's IPO activity has fallen to its lowest nine-month level since 2012, while a planned listing-rule change may further affect companies' decisions.
- When
- Through the end of September; the new Growth Market requirement is scheduled to take effect from 2030.
- Where
- Japan.
- Why
- The article cites a shortage of prominent AI-related IPO candidates and concern about stricter requirements for remaining listed.
Reasons for caution
Reasons for recovery
IPO market outlook
Reasons for caution
Stricter Tokyo Stock Exchange requirements, a limited pipeline of prominent AI-related companies and valuation concerns have led some companies to delay or reconsider listings.
Reasons for recovery
Some bankers and investors expect private-equity-backed offerings and sponsored relistings to lift activity and enable a gradual recovery.
Long-term listing levels
Reasons for caution
A Daiwa Securities banker said the market is unlikely to return to the 100 listings per year seen previously.
Reasons for recovery
The same banker said deals in the pipeline could bring the market to a reasonable scale, and that listing numbers could gradually recover.
- IPOs through September
- 32
- Lowest comparable tally since
- 2012
- Future Growth Market threshold
- ¥10 billion market value after five years, from 2030
- Current threshold
- ¥4 billion market value after 10 years
- Largest Japanese IPO this year
- Go Inc., which raised $607 million
- Potential listing
- Bain Capital-owned York Holdings is aiming to list within two years
- Potential listing
- KKR-backed Logisteed Ltd. may go public in 2027
- Potential return
- Japan Industrial Partners-backed Toshiba Corp. is seeking a return as early as fiscal 2028