June 2009 IPO Report Tokyo IPO.com Chief Editor Takashi Nishibori

This is my first IPO monthly report since the middle of March. My basic intent is to write a report once each month.However, the extremely small number of IPOs this year makes it impossible to follow this schedule for the time being.There have been only seven IPOs in Japan during the first five months of 2009. The seven offerings procured a total of 8 billion yen. But only 2.6 billion yen, or 32%, came from stock sold to the public. During the IPO boom years of 2005 and 2006, public offerings accounted for 45% and 40% of total funds procured, respectively.But this figure was only 29% in 2008 and is 32% thus far in 2009. Obviously, the IPO is becoming much less important as a means of procuring funds. On the other hand, secondary offerings are now much more than half of IPOs. That means many IPOs are conducted for the purpose of creating a market for a company’s stock. In fact, from time to time I see an offering that is, in effect, an “estate planning IPO.”........

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