Japan’s Small IPOs Fall to 12-Year Low Amid Market Reforms

The number of small-sized initial public offerings in Japan this year fell to its lowest in more than a decade, as the Tokyo Stock Exchange’s reform push prompted private companies to reconsider quick listings.

There were 43 initial share sales in Japan with offering sizes below $50 million, the fewest since 2013, according to Bloomberg-compiled data. In contrast, the size of IPO fundraising hit a seven-year high, highlighting the mega-deal listings such as JX Advanced Metals Corp. and SBI Shinsei Bank Ltd.