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Follow-up of Market Restructuring

Tokyo Stock Exchange (TSE) is taking measures to further enhance the functionality of the Growth Market based on the discussions at the “Council of Experts Concerning the Follow-up of Market Restructuring.”

Current Measures to Enhance the Functionality of the Growth Market (as of Jan. 2025) icon-pdf

Measures to Expand and Improve the Dissemination of Information to Investors

In May 2024, TSE published “Measures to Expand and Improve the Dissemination of Information to Investors in the Growth Market” with the purpose of requesting that at the time of initial listing on the Growth Market, companies disclose the purpose of their IPO in light of their post-listing growth strategy, and that after listing, companies disclose the progress of their business plan and related information with attention to whether they have realized this purpose, while actively disseminating information through such means as briefings and individual meetings with investors.

Measures to Expand and Improve the Dissemination of Information to Investors in the Growth Market (published on May 31, 2024) icon-pdf

List of Companies Listed on the Growth Market That Wish to Have More Active Contact from Institutional Investors

Starting in January 2025, TSE has been publishing a list of companies listed on the Growth Market that wish to have more active contact from institutional investors in order to support companies that are actively engaged in IR activities. The list will be updated on the 15th of the following month based on the applications TSE has received by the end of the month in question.

List of Companies Listed on the Growth Market That Wish to Have More Active Contact from Institutional Investors (as of the end of Jun. 2025) icon-xls
Reference: Status of Applications Regarding Companies Wishing to Have More Active Contact from Institutional Investors​ (Growth Market) (as of the end of Feb. 2025) icon-pdf
(Note)
  • ・For more information on the list of companies listed on the Growth Market that wish to have more active contact from institutional investors, please refer to the following document.
Compiling a List of Companies Listed on the Growth Market That Wish to Have More Active Contact from Institutional Investors (published on November 28, 2024) icon-pdf

Promoting Accurate Understanding of Listing Preparation

Listing Examination FAQ

In May 2024, TSE published a “Listing Examination FAQ” in order to accurately explain TSE's approach to listing examinations to the management of companies that are preparing for listing, with respect to topics that we frequently receive questions on or aspects of the handling that are often misunderstood. (The FAQ was updated in November 2024 and will be updated on a regular basis based on questions received from companies preparing for listing or other circumstances.)

Listing Examination FAQ (published on Nov. 11, 2024) icon-pdf

TSE also provides a contact point for companies considering an IPO to consult directly with TSE regarding any IPO-related questions they may have, including topics not covered in this FAQ.

Cooperative Meeting on IPO Practicalities

In January 2025, TSE established the "Cooperative Meeting on IPO Practicalities" as a forum for regularly exchanging opinions with stakeholders such as securities companies and auditing firms regarding issues related to IPO practices.

IPO Liaison Meeting on April 8, 2025

Document icon-pdf
Appendix(List of Members) *Japanese only icon-pdf
Minutes icon-pdf

The Second Meeting on March 10, 2025

Document 1 Current Initiatives at Tokyo Stock Exchange icon-pdf
Document 2 Revisions to Q&A on Upfront Investment Type Biotech Startups icon-pdf
Appendix(List of Members) icon-pdf
Minutes icon-pdf

The First Meeting on January 22, 2025

Document icon-pdf
Appendix(List of Members) icon-pdf
Minutes icon-pdf
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