日本股市今年创纪录的涨势已经停滞，8月5日东证指数和日经225指数双双暴跌12%，突显出投资本已飙升的股市的风险。这促使日本投资者寻找回报率更高的资产，而他们正在关注的一个领域就是IPO，这些IPO往往在上市头几天大幅上涨。In the latest fiscal year, shares issued to the public by Japanese companies hit the highest level in 20 years, which highlights that even the stock market crash in August did not curb investors' demand for new shares.
The Zhitong Finance App learned that in the latest fiscal year, stocks issued by Japanese companies to the public reached the highest level in 20 years, which highlights that even the stock market crash in August did not curb investors' demand for new shares.
According to compiled data, since the fiscal year that began on April 1, companies from car manufacturer Honda Motor (HCM.US) to footwear company ASCCY.US (ASCCY.US) have carried out 77 transactions, including initial public offerings (IPOs), additional shares, and the issuance of equity-linked bonds, totaling about 2.9 trillion yen (20.5 billion US dollars). This is the highest level since FY2004, and some market participants say the annual statistics may double the level so far this year.
The record gains in the Japanese stock market have come to a standstill. On August 5, the Tokyo Stock Exchange Index and the Nikkei 225 Index both plummeted 12%, highlighting the risk of investing in the already soaring stock market. This has prompted Japanese investors to look for assets with higher returns, and one area they are focusing on is IPOs, which often rise sharply in the first few days of listing.
The rise in the Japanese stock market is partly due to policy makers pushing companies to increase shareholder returns and reduce cross-shareholding with other companies, which often limits competition.
“The cancellation of cross-shareholding and the IPO are the driving forces of the country's equity capital market,” said Shu Nagata, head of global capital markets in Japan at Bank of America Securities in Tokyo. He said this momentum could drive more than 200 transactions this fiscal year, with a total value of 6 trillion yen.
According to compiled data, Japanese stock trading has never surpassed 6 trillion yen since fiscal year 2009.
Investing in Japanese IPOs is not without risk. Bloomberg Intelligence ESGAnalyst Yasutake Homma wrote in a report that the stock prices of 38 IPO companies soared by an average of 40% in the first half of the year when they began trading, but their first-month returns were often only a fraction of the initial increase.
Despite this, several potentially larger deals are in preparation, including subway operator Tokyo Metro Co. (Tokyo Metro Co.) and semiconductor storage product manufacturer Kioxia Holdings Corp. (Kioxia Holdings Corp.), which may be listed on the Tokyo Stock Exchange.
Startups are also likely to resume listing as they, along with their global peers, benefit from anticipated US interest rate cuts. Bank of America's Nagata said the strong demand from investors for the IPO of job search app Timee Inc., may encourage more companies to consider going public.