Japanese listings on Nasdaq have grown steadily. But completing a listing and sustaining the price afterward are two different problems — and across the deals we track, trading well below the offer price is common.
Warrantee (WRNT) and Noco noco (NCNC) fell sharply from their IPO price, while PicoCELA (PCLA) is a rare post-IPO gainer. The difference isn't only business quality: thin free float, post-listing liquidity, and the presence or absence of ongoing English-language IR shape US investor attention.
Earlier listings like Medirom (MRM) have faced this over a longer horizon. The takeaway is simple — a listing is a starting line, not a finish line; issuers that design IR and liquidity in from the outset hold their price better.
Figures are sample values as of the last sync; confirmed numbers are updated after reconciliation against SEC EDGAR filings.