・Previous Events

1st Sept 2017
Palace Hotel Tokyo

STJ’s second IPO conference was held on 1st Sep at the Palace Hotel Tokyo. This is the only independent IPO conference in Japan. The conference was very well attended. It covered the latest developments including:

What is Pilot fishing/ Pre- Hearing / test the water/ Price discovery?
Why is it so important? Because the supply and demand in this institutional tranche prices the IPO.
When can it be done? What are the restrictions? What are the developments and why aren’t they all being used?

14th Dec 2016
Palace Hotel Tokyo
International IPO practice vs Japanese practice

6 main issues with Japanese IPOs:
1. Lack of investor education
2. Lack of price discovery
3. Illiquid institutional tranche sizes
4. “regulated” allocations
5. Lack of interest from institutional investors
6. Lack of transparency

These issues were likened to “chicken and egg” in terms of the causes.
The event was attended by all the main participants and it is believed to be the only such forum which brings together all the participants.