Japanese companies keep filing to list on Nasdaq and the NYSE, even though most of the ones that reach the market trade well below their offer price. This monitor follows both sides of that: what is on the calendar now — the names on file with the SEC — and how the cohort that has already listed is actually trading.
On the calendar
| Issuer / Business | Deal size / Exch. | Price / Shares | Status / Filed | Lead underwriter |
|---|---|---|---|---|
| Onodera (Sushi) (ONDR) Japan | ~$8.0M NYSE American | $7.00–8.00 1,066,667 | Filed 2023.12.27 | ThinkEquity |
| — | ||||
| Libera Gaming (LBRJ) Japan | ~$6.0M Nasdaq | — 1,500,000 | Filed — | Boustead |
| F-1 on file with the SEC; Nasdaq IPO pending (not yet priced) | ||||
| Seahawk Recycling Holdings (SEAH) Japan | ~$31.3M Nasdaq | $4.00–6.00 6,250,000 | Filed 2025.09.25 | Cathay |
| — | ||||
| Gates Group (GTSG) Japan | ~$6.0M Nasdaq | $5.50–6.50 1,000,000 | Filed 2024.11.08 | Loop Capital |
| — | ||||
| Koei Group (KOEI) Industrials | ~$19.0M Nasdaq | — — | Filed 2026.06.29 | Roth Capital |
| Japan-based recycling and industrial-waste holding company (subsidiaries in Japan, Singapore, Thailand, US); F-1 filed Jun 2026. Underwriting discount 7.0% + 5% warrants. | ||||
| TY AM Group (TYAM) Real Estate | ~$18.8M Nasdaq | $4.00-6.00 3,750,000 | Filed 2025.12.19 | D. Boral Capital |
| Marketing and sales services for Japanese residential property; F-1 filed Dec 2025, terms set Feb 2026. | ||||
| Amatuhi Holdings (AMTU) Health Care | ~$24.0M Nasdaq | $7.00-9.00 3,000,000 | Filed 2025.09.15 | Spartan Capital |
| Operates group homes in Japan for individuals with disabilities; S-1 filed Sep 2025. | ||||
| Nihon Shintatsu (JSTT) Real Estate | ~$18.8M Nasdaq | $4.00-6.00 3,750,000 | Filed 2025.09.04 | Spartan Capital |
| Real estate focused on tourism-driven markets in Japan; F-1 filed Sep 2025. | ||||
The pipeline is real but shallow. Most of these are $15-30 million offerings priced in a $4-6 range — the same shape that has defined the Japan-to-Nasdaq cohort: small raises, thin floats, retail-facing bookrunners. The recycling names, Koei and Seahawk, tend to be the larger of the group; the rest are property and services businesses raising just enough to clear the exchange.
Where the cohort stands
The 19 Japanese companies trading on US exchanges sit at a median of about -79% against their IPO price. 1 is above its offer — PicoCELA (PCLA, +66%) leads; Advasa Holdings (ADBT, -99%) is the steepest decline. 8 more are on file.
None of this argues against a US listing. It argues for going in with the base rate in hand. The pipeline shows issuers still choose the route; the cohort shows what tends to happen to them afterward. Both numbers belong on the same page.