By Itsuki Okuda / Yomiuri Shimbun Staff Writer

The number of initial public offerings in Japan in 2025 is expected to be 66, a drop of more than 20% from the previous year, the Tokyo Stock Exchange $(TSE)$ announced Monday.

That figure would be the lowest since 2013, when there were 54 IPOs in the country.

The decrease is particularly evident in the Growth Market, where many startups and emerging companies are listed, because of the greater uncertainty about the stock market's outlook.

According to the TSE, the number of IPOs on the Prime Market, which is mainly made up of companies with larger market capitalizations, is expected to stand at seven in 2025, three more than last year. The total funds raised at IPOs are expected to exceed last year's level due to large-scale listings this year. In March, JX Advanced Metals Corp. was listed on the Prime Market, and SBI Shinsei Bank Ltd. is to go public on Dec. 17.

On the other hand, the number on the Growth Market is expected to decrease by 23 to 41 companies. "A certain number of companies have reconsidered their plans for listing because of greater uncertainty, caused by factors such as the high-tariff policy of the U.S. administration of (President Donald) Trump," a TSE spokesperson said.

The TSE has decided to tighten the criteria for maintaining listings on the Growth Market from 2030. Currently, a company needs to have a market capitalization of at least 4 billion yen when ten years pass since listing, but this criterion will be changed to at least 10 billion yen after five years. This may lead to a further decline in listings on the Growth Market.

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This article is from The Yomiuri Shimbun. Neither Dow Jones Newswires, MarketWatch, Barron's nor The Wall Street Journal were involved in the creation of this content.

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December 09, 2025 05:25 ET (10:25 GMT)

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