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Listing Fees

Annual Listing Fees

Listed companies are required to pay the listing fee specified in the table below as well as JPY 120,000 for use of TDnet on an annual basis.

Listed Market Capitalization Prime Market Standard Market Growth Market Payment Deadline
Up to JPY 5 bil. JPY 960,000 JPY 720,000 JPY 480,000 Half at the end of March and half at the end of September (of the amount indicated on the left plus the TDnet usage fee)
Above JPY 5 bil and up to JPY 2.5 bil. JPY 1,680,000 JPY 1,440,000 JPY 1,200,000
Above JPY 2.5 bil. and up to JPY 50 bil. JPY 2,400,000 JPY 2,160,000 JPY 1,920,000
Above JPY 50 bil. and up to JPY 250 bil. JPY 3,120,000 JPY 2,880,000 JPY 2,640,000
Above JPY 250 bil. and up to JPY 500 bil. JPY 3,840,000 JPY 3,600,000 JPY 3,360,000
Above JPY 500 bil. JPY 4,560,000 JPY 4,320,000 JPY 4,080,000

(Consumption taxes (paid to national and local governments) are not included.)

  • Listed market capitalization is calculated using closing prices from the trading session on the last day of December of each year (if there was no trade executed in the trading session on that day, the closing price from the trading session on the most recent day that a trade was executed before that) and the number of listed shares on the last day of December of each year.
  • For companies that were listed on JASDAQ Standard as of April 3, 2022 and are now listed on the Standard Market and companies that were listed on JASDAQ Growth and are now listed on the Growth Market, the amount for the time being shall be that specified below plus the TDnet usage fee of JPY 120,000.

Listed Market Capitalization Amount
Up to JPY 100 bil. JPY 1,000,000
Above JPY 100 bil. JPY 1,200,000

(Consumption taxes (paid to national and local governments) are not included.)

  • For listed companies on the Growth Market (excluding those that came to be listed on the Growth Market under Rule 220 (Technical Listing) of the Securities Listing Regulations), the annual listing fee for the first three years of listing shall be half of the amount specified in the table plus the TDnet usage fee of JPY 120,000.
  • The amount of the first annual listing fee after the initial listing will vary depending on the month in which the listing was carried out (see table below).

Annual Listing Fee to be Paid by the End of March
Month of Initial Listing Annual Listing Fee
August of the previous year 1/12 plus 1/2 of the annual listing fee based on the listed market capitalization on the listing date
September of the previous year Half of the annual listing fee
October of the previous year 5/12 of the annual listing fee
November of the previous year 4/12 of the annual listing fee
December of the previous year 3/12 of the annual listing fee
January 2/12 of the annual listing fee
February No annual listing fee required

Annual Listing Fee to be Paid by the End of September
Month of Initial Listing Annual Listing Fee
February 7/12 of the annual listing fee based on the listed market capitalization on the listing date
March Half of the annual listing fee
April 5/12 of the annual listing fee
May 4/12 of the annual listing fee
June 3/12 of the annual listing fee
July 2/12 of the annual listing fee
August No annual listing fee required

Fees for Issuance and Listing of New Shares

Fees for Issuance of New Shares

Listed companies are required to pay the following fee when conducting new share issuance or secondary distributions.

Fee Amount Payment Deadline
Issuance*1 or Disposal*2 of Shares Price per share x Shares for issuance or disposal x 1/10,000 End of the month following the month the share issuance or secondary distribution is conducted
Issuance of New Subscription Warrants for New Shares of a Listed Stock*3 (Issuance price of subscription warrants x Total number of subscription warrants + Payment amount pertaining to exercise of subscription warrants*4 x Number of shares subject to subscription warrants) x 1/10,000
Secondary Distribution of Listed Shares*5 Number of shares for secondary distribution x Offering price x 1/10,000
(Consumption taxes (paid to national and local governments) are not included.)

  • Including shares that are converted into listed shares (meaning those where the company delivers new listed shares in exchange for acquisition of the shares to be issued).
  • Limited to those conducted through an offering stipulated in in Article 199, Paragraph 1 of the Companies Act (or the equivalent thereof in the case of a foreign company). Excludes issuance or disposal by third party allotment in connection with the exercise, by the issuer or holder of shares of an issue subject to an offering that were granted by the underwriting financial instruments business operator that carried out the over-allotment for the initial listing when the underwriting agreement for the offering was signed, of the right to acquire shares of the issue subject to the offering.
  • Limited to those by way of offering as stipulated in Article 238, Paragraph 1 of the Companies Act and those by way of in-gratis allotment of subscription warrants stipulated in Article 277 of the same Act (or the equivalent thereof in the case of a foreign company).
  • "Payment amount pertaining to exercise of subscription warrants" means the amount of assets to be invested upon exercise of the subscription warrants (the same hereinafter).
  • Limited to those falling under the cases listed in Article 2, Paragraph 4, Item 1 of the Financial Instruments and Exchange Act.
  • Companies that were listed on JASDAQ Standard as of April 3, 2022 and are now listed on the Standard Market and companies that were listed on JASDAQ Growth as of April 3, 2022 and are now listed on the Growth Market are not required to pay the fees shown in the above table for the time being.

Fees for Listing of Newly Issued Shares

Listed companies are required to pay the following fee when listing newly issued shares.

Fee
 Amount Payment Deadline
Fee for Listing of New Shares
 Issuance price per share*1 x Number of shares for issuance or disposal*2 x 8/10,000 End of the month following the month the new shares are listed*3

(Consumption taxes (paid to national and local governments) are not included.)

  • In the case of listing new shares issued through a conversion of shares that are convertible into other classes of shares (meaning those where the company delivers new shares in exchange for acquisition of the listed shares to be issued; the same hereinafter), the issuance price per share of such shares shall be used as the “issuance price per share” in the calculation above.
    In the case of listing new shares issued as a result of the exercise of subscription warrants, the “issuance price per share” shall be the amount equivalent to the amount per share calculated in the following manner:
    Issuance price of each subscription warrant × Total number of subscription warrants + Payment amount for exercise of subscription warrants × Number of shares subject to exercise of subscription warrants
    In the case of listing new shares issued as a result of the company acquiring subscription warrants with acquisition clauses, the “issuance price per share” shall be the amount equivalent to the amount per share calculated in the following manner:
    Issuance price of each subscription warrant × Total number of subscription warrants (in the case of those attached to convertible bonds, the total of the price of such subscription rights and the price of the bonds to which the acquired subscription rights are attached.)
  • Excluding new shares to be listed under Rule 303 (Listing of Stock, etc. to be Delivered in Exchange for Classified Shares, etc. subject to Whole Acquisition Clause) of the Securities Listing Regulations.
  • In the case of listing new shares issued through a conversion of shares that are convertible into other classes of shares, listing new shares issued as a result of exercise of subscription warrants, or listing new shares issued as a result of acquisition of subscription warrants with acquisition clauses, the date of payment is the end of September for shares listed between January 1 and the last day of June and the end of March of the following year for shares listed from July 1 to the last day of December.
  • For companies that were listed on JASDAQ Standard as of April 3, 2022 and are now listed on the Standard Market and companies that were listed on JASDAQ Growth as of April 3, 2022 and are now listed on the Growth Market, the amount shall be capped at JPY 60 million for the time being.
    In the case of listing new shares issued through a conversion of shares that are convertible into other types of shares, listing new shares issued as a result of exercise of subscription warrants, or listing new shares issued as a result of acquisition of subscription warrants with acquisition clauses, the amount will be 1/10,000 for the time being

Fees for Mergers and Similar Actions

Listed companies are required to pay the following fee when conducting a merger or similar (an absorption-type merger, absorption-type spin-off, share transfer, or share delivery).

Fee Amount Payment Deadline
Fee for Merger (Number of shares issued due to the merger + Number of own shares delivered) x Closing price*1 of shares in trading session on the effective date of the merger*2 End of the month following the month of the effective date of the merger

(Consumption taxes (paid to national and local governments) are not included.)

  • In the case where there is no trade executed in the trading session on the effective date (see *2), this will be the closing price from the first trading session after the effective date in which a trade is executed.
  • The effective date of the absorption-type merger, absorption-type spin-off, share transfer, or share delivery.
  • Fees pertaining to mergers as described above are capped at JPY 10 million.
  • For companies that were listed on JASDAQ Standard as of April 3, 2022 and are now listed on the Standard Market and companies that were listed on JASDAQ Growth as of April 3, 2022 and are now listed on the Growth Market, for the time being, the fee shall be 8/10,000 of the amount equivalent to that obtained by multiplying the amount to be incorporated into the capital of the company by the number of shares to be newly issued (capped at JPY 10 million).