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解説 / Analysis

Anatomy of the microcap IPO vendor stack

マイクロキャップIPOの「ベンダー構成」を解剖する

Japan→Nasdaq deals share a recurring vendor template: small/mid bookrunners such as AGP and EF Hutton, PCAOB-registered auditors like Marcum Asia and BF Borgers, US securities counsel (e.g. Hunter Taubman Li), and IR.

Because the template is reproducible rather than personality-driven, it lowers the barrier to entry for Japanese issuers. The League Tables aggregate exactly this underwriter/auditor structure across every tracked deal.

Data is provided for informational purposes only and does not constitute investment solicitation.