Why Japanese microcaps fall after their Nasdaq debut
17 of these names have listed and one trades above its IPO price. What the −70% median is really made of.
Read more ›17 of these names have listed and one trades above its IPO price. What the −70% median is really made of.
Read more ›| Status | Company | Deal Size | Price Range |
|---|---|---|---|
| Filed | HWEPHW Electro | ~$16.8M | $4.00 |
| Filed | ONDROnodera (Sushi) | ~$8.0M | $7.00–8.00 |
| Filed | LBRJLibera Gaming | ~$6.0M | — |
| Filed | SEAHSeahawk Recycling Holdings | ~$19.0M | $4.00–6.00 |
| Filed | GTSGGates Group | ~$6.0M | $5.50–6.50 |
| Filed | KOEIKoei Group | ~$19.0M | — |
| Filed | TYAMTY AM Group | ~$19.0M | $4.00-6.00 |
| Filed | ADBTAdvasa Holdings | — | — |
| Filed | AMTUAmatuhi Holdings | ~$24.0M | — |
| Filed | JSTTNihon Shintatsu | ~$19.0M | — |
* An assessment, not a confirmed status. Where no formal withdrawal has been filed, we infer a dormant or abandoned registration from the public filing record and the time elapsed since the issuer's most recent prospectus amendment. The actual status may differ.
| # | Company | IPO Price | Current | Change |
|---|---|---|---|---|
| 1 | PCLAPicoCELA | $4.00 | $4.73 | ▲+18.3% |
| Date | Company | IPO Price | Current | Change |
|---|---|---|---|---|
| 2026.05.14 | MWCMicware Co., Ltd | $8.00 | $3.28 | ▼-59% |
| 2025.10.09 | LFSLeifras | $4.00 | $2.13 | ▼-46.8% |
| 2025.08.05 | CTWCTW Gaming | $5.00 | $2.43 | ▼-51.4% |
| 2025.08 | RYOJRyojbaba | $4.00 | $2.95 | ▼-26.2% |
| 2025.07.17 | LAWRRobot Consulting | $4.00 | $3.75 | ▼-6.3% |
| 2024.07.02 | TOYOToyo Co. | $10.00 | $6.53 | ▼-34.7% |
| 2023.12.18 | LGCBLinkage Global | $4.00 | $0.28 | ▼-99.3% |
| 2023.12.01 | PDCPerpetuals.com (formerly Earlyworks) | $5.00 | $4.76 | ▼-81% |
| Date | Company | Deal Size | Underwriter |
|---|---|---|---|
| 2026.06.29 | KOEIKoei Group | ~$19.0M | Roth Capital |
| 2025.12.19 | TYAMTY AM Group | ~$19.0M | D. Boral Capital |
| 2025.12.09 | ADBTAdvasa Holdings | — | WestPark Capital |
| 2025.09.25 | SEAHSeahawk Recycling Holdings | ~$19.0M | Cathay |
| 2025.09.15 | AMTUAmatuhi Holdings | ~$24.0M | Spartan Capital |
| 2025.09.04 | JSTTNihon Shintatsu | ~$19.0M | Spartan Capital |
| 2024.11.08 | GTSGGates Group | ~$6.0M | Loop Capital |
| 2023.12.27 | ONDROnodera (Sushi) | ~$8.0M | ThinkEquity |
| 2023.06.30 | HWEPHW Electro | ~$16.8M | Univest (transitioning) |
| — | LBRJLibera Gaming | ~$6.0M | Boustead |
| Region | Deals | Avg. raise | Median return |
|---|---|---|---|
| Japan● | $13.0M | ▲+12% | |
| China | $11.0M | ▼-6% | |
| SE Asia | $9.0M | ▼-3% | |
| Other Asia | $10.0M | ▲+2% |