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.

Stocks Rally Amid Higher Bond Yields and Weaker Yen Is Testing if It Reflects Real Profit Growth

Fulfilling Fiduciary Duties Is More Important than Setting Boundaries for Independence Criteria

The Battle Against Formalism Is Entering Its Fourth Year

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

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

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

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>While large IPOs are expected to increase as more companies rebuild their business portfolios, the path to reforming the TSE Growth Market remains challenging even with raised listing maintenance criteria.</li>
<li>Even companies lacking growth potential can maintain their IPOs on TSE Growth Market with market capitalization of around 8 billion yen, so perhaps such companies are merely delaying their IPO.</li>
<li>Given the limited disclosure of IPO information, increasing institutional investor participation may require revising the IPO pricing process and extending the IPO roadshow period including legal revision if necessary.</li>
</ul>


While large IPOs are expected to increase as more companies rebuild their business portfolios, the path to reforming the TSE Growth Market remains challenging even with raised listing maintenance criteria.
Even companies lacking growth potential can maintain their IPOs on TSE Growth Market with market capitalization of around 8 billion yen, so perhaps such companies are merely delaying their IPO.
Given the limited disclosure of IPO information, increasing institutional investor participation may require revising the IPO pricing process and extending the IPO roadshow period including legal revision if necessary.


To Increase Institutional Investor Participation in IPOs

TSE Tokyo Price Index TOPIX

To Increase Institutional Investor Participation in IPOs