In order to make the Growth Market "a market where companies aiming for high growth gather," Tokyo Stock Exchange, Inc. (TSE) is considering and promoting various initiatives based on the deliberations of the Council of Experts Concerning the Follow-up of Market Restructuring.
Revisions to the Continued Listing Criteria
TSE has decided to revise the Growth Market's continued listing criteria. The revisions will take effect in 2030 and aim to encourage companies on the Growth Market to quickly grow large enough to become targets for investment from institutional investors and also to facilitate M&As among companies and the creation of subsequent businesses by entrepreneurs. (Currently soliciting public comments (September 26, 2025 - October 26, 2025))
Encouraging Companies to Take Action to Achieve “Management That Strives for High Growth”
In September 2025, TSE compiled “Investors’ Expectations” based on its opinion exchanges with institutional investors because it would like Growth Market listed companies to continue making efforts toward high growth after listing. It is encouraging companies to take these “Investors’ Expectations” into account when analyzing their growth status and the market’s evaluation of them thus far and updating their growth strategies and disclosures.
| Requests Related to Action to Achieve “Management That Strives for High Growth”(published on September 26, 2025) |
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Support for Companies Listed on the Growth Market
In addition to the above, TSE is making efforts to support Growth Market listed companies.
| Support for Companies Listed on the Growth Market (published on September 26, 2025) |
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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) |
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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 Oct. 2025) |
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| Reference: Status of Applications Regarding Companies Wishing to Have More Active Contact from Institutional Investors (Growth Market) (as of the end of Feb. 2025) |
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(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) |
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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) |
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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.
The Fourth Meeting on October 8, 2025
| Document 1 Fourth IPO Liaison Meeting |
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| Appendix(List of Members) |
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| Minutes |
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The Third Meeting on August 28, 2025
| Document |
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| Attached Document Excerpt From Documents Drafted for the Twenty-third Council of Experts Concerning the Follow-up of Market Restructuring |
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| Appendix(List of Members) |
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| Minutes |
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IPO Liaison Meeting on April 8, 2025
| Document |
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| Appendix(List of Members) *Japanese only |
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| Minutes |
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The Second Meeting on March 10, 2025
| Document 1 Current Initiatives at Tokyo Stock Exchange |
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| Document 2 Revisions to Q&A on Upfront Investment Type Biotech Startups |
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| Appendix(List of Members) |
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| Minutes |
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The First Meeting on January 22, 2025
| Document |
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| Appendix(List of Members) |
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| Minutes |
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