The pool of bookrunners taking Japan→Nasdaq small-caps public is, in fact, narrow. Small/mid-cap specialists — EF Hutton, Boustead, Kingswood — recur across deal after deal.
EF Hutton ran Lead Real Estate (LRE), ARWINs and Linkage Global; Boustead worked on Pixie Dust (PXDT), Syla and ZeroSpo; Kingswood is prominent on Cayman / de-SPAC names such as Toyo (TOYO) and CTW Gaming (CTW).
The concentration isn't an accident. The cross-border small-cap IPO has a settled template — a PCAOB-registered auditor, US securities counsel — and experienced bookrunners execute it more efficiently. The League Tables make this structure visible by deal count and proceeds raised.
Data is provided for informational purposes only and does not constitute investment solicitation.