from the inside, looking in

Long overdue post….

No analysis , just raw data. (OK, maybe the odd comment or two as I can’t help myself)

Total Number of IPOs

188

for reference…

2005-160

2004- 175

2003- 121

2002- 124

2001- 169

2000- 203

1999- 107

1998- 86

1997- 142

VC “funded” companies

129 out of 188, 69%. (Of the other 59 companies, 49 were subsidiaries of large corporations or took more than 10 years from founding to IPO)

(2005-64%, 2004-70%, 2003-76%)

IPOs by listing market

JASDAQ 56(30%)

Mothers 41(22%)

Hercules 37(20%)

(Above are the major alternative/emerging/high growth markets)

TSE-1 13(7%)

TSE-2 16(9%)

OSE(Osaka) 3(2%)

NSE(Nagoya) 14(7%)

Others 8(4%)

Industry Sector

Services* 42

ICT* 39

Retail 27

Wholesale 16

Real Estate 16

Machinery 9

Electrical Equipment 6

Other manufacturing 5

Securities/Commodities 5

Food&Beverage 4

Chemical 3

Banking 3

Other financial 2

(Others 11)

*Services/ICT breakdown

SI, Software devlopment/sales 24

Internet Services 20

Human Resources 9

Financial services 5

Mobile related 3

Real Estate services 3

Others 3

Games 2

Medical/healthcare services 2

Wedding/Funeral services 2

Advertising/Promotional services 2

Leasing 1

Industrial waste services 　 1

Enertainment 1

Magazine publishing 　 1

Distance Education 1

Vocational Schools 　　 1

Leisure/Sports services 　 1

Location of company headquarters

Hokkaido/Tohoku 7 (4%)

Kanto(ex-Tokyo) 10 (5%)

Tokyo 105 (56%)

Chubu/Hokuriku 14 (7%)

Kinki(ex-Osaka) 13 (7%)

Osaka 27 (14%)

Chugoku/Shikoku 6 (3%)

Kyushu/Okinawa 6 (3%)

Average time to IPO

across all IPOs 20.9years

JASDAQ average 27.7years

Mothers average 9.4years

Hercules average 12.6years

Shortest Time to IPO (Top 3)

Acrodia 2years 4months

GABA 2years 6months

GCA 2years 7months

Longest Time to IPO (Top3)

Azuma Shipping 88years 3months

Kochi Bank 76years 2months

Aizawa Securities 72years 5months