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Initial Listing Criteria
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  5. Initial Listing Criteria
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Update : Sep. 29, 2023

Initial Listing Criteria

Initial Requirements

As of April 1, 2023
Items Initial Listing on Prime Market
  1. Number of Shareholders
    (Estimate at Time of Listing)
800 or more
  1. Tradable Shares
    (Estimate at Time of Listing)
  1. The number of tradable shares: 20,000 units or more
  2. The market capitalization of the tradable shares: JPY 10 billion or more
  3. The number of tradable shares: 35% or higher of the listed stocks
  1. Market Capitalization
    (Estimate at Time of Listing)
JPY 25 billion or more
  1. Amount of Net Assets
    (Estimate at Time of Listing)
The amount of consolidated net assets is JPY 5 billion or more and amount of unconsolidated net assets is a positive figure
  1. Profits and Net Sales
The applicant company satisfies either of the following a. or b.:
  1. Aggregated profits over the last two years are JPY 2.5 billion or more
  2. Net sales over the last year are JPY 10 billion or more and market capitalization is estimated to be JPY 100 billion or more at time of listing
  1. Years of Business Operation
The business has operated continuously as a stock company for three or more years before the date of application
  1. False Statements or Adverse Opinions, etc.
  1. No false statements were made in annual securities reports, etc. for the last two years
  2. Accounting auditor's opinion on financial statements, etc. for the last two years (excluding that for the last year) was either an "unqualified opinion" or a "qualified opinion with exceptions"
  3. Accounting auditor's opinion on financial statements, etc. for the last year was, in principle, an "unqualified opinion".
  4. Stocks, etc. pertaining to the initial listing application that are listed on other domestic financial instruments exchanges do not fall under the following (a) and (b):

      (a) The internal control report issued in the last year states that "appraisal results cannot be provided"

      (b) The internal control audit report issued in the last year states that "opinion is not expressed".
  1. Audit by a Registered Auditor of Listed Companies
The financial statements, etc. for each business year or consolidated accounting year ending in the last two years as well as the quarterly financial statements, etc. for a quarterly accounting period in the business year or for a quarterly consolidated accounting period in the consolidated accounting year ending in the last year have undergone audit or quarterly review equivalent to that in the provisions of Article 193-2 of the Act by a registered auditor of listed companies (limited to those which have undergone quality control reviews by The Japanese Institute of Certified Public Accountants)
  1. Establishment of a Shareholder Services Agent
Shareholder services have been entrusted to an institution specified as the applicant's shareholder services agent, or an informal consent of undertaking the entrustment of such shareholder services from the shareholder services agent has been received; provided, however, that the same shall not apply to a shareholder services agent approved by the Exchange
  1. Share Unit
The Share Unit shall be expected to be 100 shares
  1. Classes of Stock
In the case that a stock, etc. pertaining to the initial listing application, such stock, etc. shall be, as a general rule, any of stocks referenced in the following a. through c. In this case, the initial listing applicant for the stock referenced in b. shall not have securities other than said stock as to which the applicant makes initial listing application
  1. In the case of a company issuing one class of stock with voting rights, said stock with voting rights;
  2. In the case of a company issuing multiple classes of stock with voting rights, a class of stock with voting rights whose value of rights, etc. to receive economic benefits including claim for surplus dividend pertaining to the number of shares that enables exercise of one voting right at a general shareholders meeting with regard to important matters including selection and dismissal of board members is higher than any other class of stock;
  3. Stock with no voting rights
  1. Restriction on Transfer of Shares
Transfer of shares pertaining to an initial listing application is not restricted or it is expected that there will be no restriction by the time of listing; provided, however, that the same shall not apply to cases where transfer of shares is restricted pursuant to the provisions of special laws at the same time the details of the restriction are deemed not to hinder trading in the market of the Exchange
  1. Handling by the Designated Book-Entry Transfer Institution
The applicant company is subject to the book-entry transfer operation of the designated book-entry transfer institution, or is expected to become so by the time of listing
  1. Expected Implementation of Merger, etc
The applicant company does not fall under the following (a) and (b):
  1. The applicant company has plans to conduct a merger or company split, make a company a subsidiary or exclude an existing subsidiary from its umbrella, or take over or transfer business, and will cease to remain a substantial surviving company due to these events within two years from the last day of the base business year.
  2. The applicant company has plans to conduct a merger through which it becomes a dissolved company, or a share exchange/share transfer through which it becomes a wholly-owned subsidiary of another company, within two years from the last day of the base business year (except where such plans are scheduled to be carried out before the date of listing).

Contents of Examination

As of April 4, 2022
Items Prime Market
  1. Corporate Continuity and Profitability
The applicant company is operated continuously and has a stable and excellent revenue base.
  1. Soundness of Corporate Management
The applicant company carries out its business fairly and faithfully.
  1. Effectiveness of Corporate Governance and Internal Management System
Corporate governance and internal management systems are appropriately established and functioning.
  1. Appropriateness of Disclosure of Corporate Information, etc.
The applicant company is in a position where it is able to disclose its corporate information appropriately.
  1. Other matters TSE deems necessary from the viewpoint of public interest and investor protection
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For Securities Listing Regulations and Related Rules etc., please refer to the following.

For New Listings, please refer to the following.

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