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  5. Overview of IPO
  6. Roles of Each Party Involved in an IPO

Overview of IPO

Lead Underwriter (TSE trading participant)

A lead underwriter is comprehensively involved in the procedures and preparations for listing overall. It provides underwriting business by entering into a lead underwriting agreement with an issuer and provides advice and consultation on the listing and listing schedule. At the time of listing, the lead underwriter submits a Sponsor’s Letter of Recommendation to TSE.

<Reference> Lead Managing Securities Companies

  • AIZAWA SECURITIES CO.,LTD.
  • BofA Securities Japan Co.,Ltd.
  • Daiwa Securities Co.Ltd.
  • Goldman Sachs Japan Co., Ltd.
  • JPMorgan Securities Japan Co., Ltd.
  • J Trust Global Securities Co., Ltd.
  • Marusan Securities Co., Ltd.
  • Mita Securities Co., Ltd.
  • Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
  • Mizuho Securities Co., Ltd.
  • Monex, Inc.
  • Nomura Securities Co., Ltd.
  • OKASAN SECURITIES CO., LTD.
  • SBI SECURITIES Co., Ltd.
  • SMBC Nikko Securities Inc.
  • Tokai Tokyo Securities Co., Ltd.
  • TOYO SECURITIES CO., LTD.
  • UBS Securities Japan Co., Ltd.

(As of April 1, 2023)

  • These are companies confirmed to have fulfilled duties as managing or lead managing securities companies recently. This does not constitute a recommendation for transactions with any specific company. Furthermore this does not constitute a guarantee of judgment/participation of a securities company, nor preparation/realization pertaining to initial listing.

The Tokyo Stock Exchange, Inc., New Listings Department provides support for trading participants who wish to commence or resume their initial listing business as a lead underwriter securities company, including support for building organizational structures and the like. We provide support aligned to your progress status, so please feel free to reach out to us.

Guide to Establishing Systems Required for Lead Underwriters icon-pdf

Audit Firm

An audit firm provides advice on the design and implementation of the accounting organization and financial statements and also audits the financial statements (expression of an audit opinion).

Legal Firm

A legal firm checks and reviews listing-related matters from a legal perspective and prepares a legal opinion. It also helps the applicant prepare disclosure documents. After listing, it discloses corporate information as a legal representative of the listed foreign company.

Shareholder Services Agent

A trust and banking company acts as a shareholder services agent for Japanese shareholders after the listing and may act as a dividend payment bank to provide services related to dividend payment. If a foreign company lists through JDRs, the trust and banking company will be responsible for the issuance of the JDRs.

List of Shareholder Services Agents
(Rule 212, Paragraph 7 of the Enforcement Rules for the Securities Listing Regulations)

  • Trust Banks
  • Tokyo Securities Transfer Agent Co., Ltd.
  • Japan Securities Agents, Ltd.
  • IR Japan, Inc.

(As of September 1, 2022)