MRMCASE STUDY · —
First successful Japan→US cross-listing
~$12.0MRaise
$12.00IPO Price
▼-48.4% PROV.Change
Maxim GroupUnderwriter
MRM| Status | Company | Deal Size | Price Range |
|---|---|---|---|
| Filed | ZRSPZeroSpo | ~$7.0M | — |
| Filed | MTRSMetros Development | ~$6.0M | — |
| Filed | HWEPHW Electro | ~$15.0M | — |
| Filed | ONDROnodera (Sushi) | ~$8.0M | — |
| Filed | RYOJRyojbaba | ~$6.0M | — |
| Filed | LBRJLibera Gaming | ~$6.0M | — |
| Filed | LFSLeifras | ~$7.0M | — |
| Filed | SEAHSeahawk Recycling Holdings | ~$19.0M | — |
| Filed | CTMBCenterMobile | ~$10.0M | — |
| Filed | MWCMicware Co., Ltd | ~$30.0M | — |
| Filed | GTSGGates Group | ~$6.0M | — |
Movers
値動き| # | Company | IPO Price | Change |
|---|---|---|---|
| 1 | PCLAPicoCELA | $4.00 | ▲+29% |
PROV. · Deal data sourced from SEC / issuer filings; prices as of the last sync (live updates pending).
| Date | Company | IPO Price | Change |
|---|---|---|---|
| 2025.08.05 | CTWCTW Gaming | $5.00 | ▼-56.2% |
| 2025.07.17 | LAWRRobot Consulting | $4.00 | ▼-43.5% |
| 2024.07.23 | BLMZBLOOMZ | $4.30 | — |
| 2024.07.02 | TOYOToyo Co. | $10.00 | ▼-49.4% |
| 2023.12.18 | LGCBLinkage Global | $4.00 | ▼-10% |
| 2023.12.01 | ELWSEarly Works | $5.00 | ▼-85.4% |
| 2023.09.26 | LRELead Real Estate | $7.00 | ▼-42.4% |
| 2023.09.04 | NCNCNoco noco (de-SPAC) | $10.00 | ▼-97.3% |
PROV. · Deal data sourced from SEC / issuer filings; prices as of the last sync (live updates pending).
| Date | Company | Deal Size | Underwriter |
|---|---|---|---|
| — | ZRSPZeroSpo | ~$7.0M | Boustead |
| — | MTRSMetros Development | ~$6.0M | Boustead (terminated) |
| — | HWEPHW Electro | ~$15.0M | Univest (transitioning) |
| — | ONDROnodera (Sushi) | ~$8.0M | ThinkEquity |
| — | RYOJRyojbaba | ~$6.0M | Network1 |
| — | LBRJLibera Gaming | ~$6.0M | Boustead |
| — | LFSLeifras | ~$7.0M | Kingswood |
| — | SEAHSeahawk Recycling Holdings | ~$19.0M | Cathay |
| — | CTMBCenterMobile | ~$10.0M | Lafferty |
| — | MWCMicware Co., Ltd | ~$30.0M | AGP |
| — | GTSGGates Group | ~$6.0M | Loop Capital |
18
Japan→US listings
11
In pipeline
$173.2M
Total raised PROV.
$10.1M
Avg. raise PROV.
By issuer region (US listings, trailing 12 mo.) PROV.
| Region | Deals | Avg. raise | Median return |
|---|---|---|---|
| Japan● | $13.0M | ▲+12% | |
| China | $11.0M | ▼-6% | |
| SE Asia | $9.0M | ▼-3% | |
| Other Asia | $10.0M | ▲+2% |
Deal Market Review
ディール市場レビューProprietary equal-weight index (sample). PROV.Market Reviews市場レビュー
- Why Japanese microcaps fall after their Nasdaq debut
- The bookrunner pattern in Japan→Nasdaq deals: EF Hutton, Boustead, Kingswood
- ADR vs direct listing (KK): choosing the structure for a Japanese issuer
- What a US listing costs a Japanese issuer
- Why Japanese companies are choosing Nasdaq
- After the bell: a Japanese issuer's post-listing obligations
- Anatomy of the microcap IPO vendor stack
- How to read an SEC comment letter
- Auditor choice can make or break a listing
Japan→US Deal Market日本→米国 ディール市場
Proceeds (US$M)# DealsPROV.
JP→Nasdaq IndexJP→Nasdaq 指数
JP→Nasdaq Index▲+25.4%
US IPO Index▲+7.2%
Nasdaq Composite▲+16.8%