The first reality a Japanese company faces in a US listing is cost. SEC registration, FINRA and exchange fees, audit and accounting, US securities counsel, printing, transfer agent, and IR — the line items add up.
Across the deals we track, disclosed total project cost runs roughly $1.1M–$6.0M, with a median near $1.7M. Earlier deals like Medirom (MRM) tend to cost more; Syla (SYT) and Lead Real Estate (LRE) illustrate the structure that followed.
Crucially, much of the cost is fixed and doesn't scale with deal size — so smaller raises carry a higher cost-to-proceeds ratio. The League Tables and each listing's detail page show the underwriter/auditor composition behind these figures.
Costs are sample values as of the last sync; confirmed numbers are updated after reconciliation against SEC filings.