In 1H Japan saw just 18 IPOs and $917m of proceeds, the fewest listings since
2011 and lowest fundraising since 2022, Dealogic data show (annual average ~35
listings). The Nikkei 225 is up roughly one-third YTD, but the market rally has
not revived issuance. This month ride‑hailing app Go raised ¥89bn (~$550m) on
listing, highlighting the scarcity of companies willing or able to go public.
Bankers, advisers and lawyers say the weak pipeline is unlikely to reverse in
H2, in part because Japan lacks startups positioned to capture valuation gains
tied to AI, data‑center and semiconductor demand.
