Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

To Improve the Quality of Listed Companies, Every Effort to Promote Going Private Is Necessary

Raising the Standard of Discipline Among Companies Listed on the Standard Market Is Crucial

Markets Serving as a Landing Place for Companies Failing to Meet Listing Criteria Will Lose Quality

The Key to Revitalizing Existing TSE Growth Companies Is Whether They Can Expect Growth Through M&A

Common Attitudes Toward IPOs Are Found in Parent-Subsidiary Listings

How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>The decline in IPOs for small-cap companies was as anticipated. Once the topic of revising the listing criteria for Growth Markets arose, IPOs had to pay attention to new criteria.</li>
<li>For companies planning IPOs, the requirement to demonstrate a commitment to growth during the listing review process has a positive aspect: it'll lead to a decrease in small-scale listings.</li>
<li>Growing companies will move to Prime Market, while those failing to reach JPY10 billion will transition to Standard. Companies maintaining JPY10 billion but without growth may stay in Growth Market.</li>
</ul>


The decline in IPOs for small-cap companies was as anticipated. Once the topic of revising the listing criteria for Growth Markets arose, IPOs had to pay attention to new criteria.
For companies planning IPOs, the requirement to demonstrate a commitment to growth during the listing review process has a positive aspect: it'll lead to a decrease in small-scale listings.
Growing companies will move to Prime Market, while those failing to reach JPY10 billion will transition to Standard. Companies maintaining JPY10 billion but without growth may stay in Growth Market.


Nevertheless, Concern Remain that TSE Growth Market Might Include Companies that Don't Pursue Growth

TSE Tokyo Price Index TOPIX

Nevertheless, Concern Remain that TSE Growth Market Might Include Companies that Don't Pursue Growth