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

  • ACE SECURITIES CO.,LTD.
  • AIZAWA SECURITIES CO.,LTD.
  • Daiwa Securities Co.Ltd.
  • Goldman Sachs Japan Co., Ltd.
  • H.S. SECURITIES CO., LTD.
  • Ichiyoshi Securities Co., Ltd.
  • JPMorgan Securities Japan Co., Ltd.
  • Merrill Lynch Japan 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 July 1, 2018)

  • 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.

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 8 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 April 1, 2017)