Tokyo Stock Exchange IPO Market Review 2016 1Q

1. © 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Tokyo Stock Exchange
IPO Market Review 2016 1Q
April 8, 2016
New Listings, Tokyo Stock Exchange, Inc.

2. 1
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
24IPOsin 2016 1Q
Tokyo Stock Exchange
IPO Market in 2016 1Q at a Glance
Global No.3by IPO amountin 2016 1Q
64.8 x Median of PERatioof 2016 1QIPOs on Mothers
Note: 1 The number includes Tokyo Pro Market and REITs
2 Source: EY Global Trends 2016 1Q
3 PE Ratio = Market capitalization based on first price / Net profit (last fiscal year)
1
3
2

3. 2
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
IPO Companies Size in 2016 1Q
TSE 2nd
[2 IPOs]
JASDAQ
[6 IPOs]
Mothers
[13 IPOs]
Revenue
Net
Profit Net Asset
Market Cap
(First Price)
Actual
PER
(First Price)
IPO
Amount2
US$ 1,136M
US$ 705M
US$ 273M
US$ 43M
US$ 29M
US$ 15M
US$ 996M
US$ 555M
US$ 114M
US$ 332M
US$ 270M
US$ 207M
13.6x
10.6x
7.7x
US$ 71M
US$ 51M
US$ 31M
US$ 314M
US$ 271M
US$ 228M
US$ 10M
US$ 8.1M
US$ 6.0M
US$ 143M
US$ 117M
US$ 91M
US$ 152M
US$ 105M
US$ 58M
14.7x
12.2x
9.7x
US$ 19M
US$ 16M
US$ 14M
US$ 114M
US$ 43M
US$ 8.5M
US$ 7.1M
US$ 2.0M
US$ 0.2M
US$ 23M
US$ 11M
US$ 1.2M
US$ 261M
US$ 74M
US$ 54M
218.5x
64.9x
10.4x
US$ 73M
US$ 12M
US$ 3.0M
US$ 191M
US$ 69M
US$ 16M
US$ 4.2M
US$ 2.0M
US$ 0.9M
US$ 49M
US$ 18M
US$ 8.6M
US$ 42M
US$ 34M
US$ 23M
42.3x
17.8x
9.9x
US$ 11M
US$ 6.0M
US$ 4.3M
US$ 1,136M
US$ 62M
US$ 8.5M
US$ 43M
US$ 2.2M
US$ 0.2M
US$ 996M
US$ 12M
US$ 1.2M
US$ 332M
US$ 65M
US$ 23M
218.5x
24.8x
7.7x
US$ 73M
US$ 11M
US$ 3.0M
TSE 1st
[2 IPOs]
Max
Median
Min
Source: TSE
Note: 1 Excluding Tokyo Pro Market and REITs. US$ = 100JPY.
2 Total of offering and sales.
All
[23 IPOs]

4. 3
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Reference:
IPO Companies Size in 2015
TSE 2nd
[9 IPOs]
JASDAQ
[11 IPOs]
Mothers
[61 IPOs]
Revenue
Net
Profit Net Asset
Market Cap
(First Price)
Actual
PER
(First Price)
IPO
Amount2
US$ 142,588M
US$ 888M
US$ 239M
US$ 4,827M
US$ 103M
US$ 10M
US$ 153,016M
US$ 478M
US$ 97M
US$ 75,600M
US$ 1,028M
US$ 304M
52.1x
15.6x
9.1x
US$ 6,930M
US$ 723M
US$ 45M
US$ 965M
US$ 132M
US$ 41M
US$ 13M
US$ 5.1M
US$ 0.5M
US$ 167M
US$ 25M
US$ 9.2M
US$ 190M
US$ 66M
US$ 34M
65.3x
16.5x
6.7x
US$ 61M
US$ 22M
US$ 8.6M
US$ 146M
US$ 21M
US$ 2.0M
US$ 5.5M
US$ 1.2M
US$ -14M
US$ 39M
US$ 5.9M
US$ -20M
US$ 746M
US$ 103M
US$ 28M
974.2x
65.5x
17.7x
US$ 150M
US$ 12M
US$ 2.8M
US$ 384M
US$ 64M
US$ 6.7M
US$ 4.4M
US$ 1.8M
US$ 0.9M
US$ 31M
US$ 12M
US$ 2.9M
US$ 157M
US$ 50M
US$ 24M
87.9x
25.3x
6.6x
US$ 10M
US$ 6.2M
US$ 4.0M
US$ 142,588M
US$ 33M
US$ 2.0M
US$ 4,827M
US$ 1.5M
US$ -14M
US$ 153,016M
US$ 8.2M
US$ -20M
US$ 75,600M
US$ 99M
US$ 6.7M
974.2x
41.6x
6.6x
US$ 6,930M
US$ 12M
US$ 1.0M
TSE 1st
[8 IPOs]
Max
Median
Min
Source: TSE
Note: 1 Excluding Tokyo Pro Market and REITs. US$ = 100JPY.
2 Total of offering and sales.
All
[92 IPOs]

5. 4
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Stock Market Index Performance
TOPIX, which represents the movement of the Tokyo market overall, is recording a
high growth rate as compared with other markets.
Source: Bloomberg
Note: As of March 31, 2016. Indices rebased to 100 as of November 1, 2012.
181
80
100
120
140
160
180
200
220
240
260
01-Nov-12 01-Mar-13 01-Jul-13 01-Nov-13 01-Mar-14 01-Jul-14 01-Nov-14 01-Mar-15 01-Jul-15 01-Nov-15 01-Mar-16
TOPIX (Japan) NYSE Composite (US) Nasdaq Composite (US)
FTSE All Shares (UK) S&P/HKEx Large Cap Index (Hong Kong) FTSE Straits Times Index (Singapore)
KOSPI Index (Korea) TWSE Index (Taiwan) Shanghai Composite (China)

6. 5
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Daily Average Trading Volume
Daily average trading volume has exceeded US$ 20 billion on an ongoing basis since
January 2013.
Source: Tokyo Stock Exchange
Note: US$ = 100 JPY. JASDAQ was integrated with TSE market in July 2013.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
DailyAverageTradingVolume
(US$million,TSE2nd,TSEMothers,
TSEJASDAQ)
DailyAverageTradingVolume
(US$million,TSE1st)
TSE 1st TSE 2nd TSE Mothers TSE JASDAQ
Daily Average Trading Volume (TSE 1st):
US$ 20 billion
Daily Average Trading Volume (TSE 1st):
US$ 30 billion

7. 6
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Number of IPOs in Japan
IPOs figures1 showed a significant increase to 103 in 2015 from 86 in 2014, confirming
a full-fledged recovery in the Japanese IPO market.
Note 1： The number includes Tokyo Pro Market and REITs.
1Q,
25
1Q,
24
2Q,
23
3Q,
22
4Q,
33
19 22
37
52
64
86
103
24
2009 2010 2011 2012 2013 2014 2015 2016

8. 7
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Top Six Countries by Number of IPOs in 2016 1Q
Source: EY Global Trends 2016 1Q
Note: 1Q16 YTD (January–March 2016) IPO activity is based on priced IPOs as of 11 March and expected IPOs by end of March. Based on the listed
company domicile nation.
Japan ranks No.2 globally by number of IPOs in 2016 1Q
33
26
13 12 11 11
China Japan UK Australia South Korea India

9. 8
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
IPO Amount by Exchanges in 2016 1Q
Tokyo Stock Exchange ranks No.3 globally by IPO amount in 2016 1Q
US$2.9b
US$2.7b
US$1.2b
US$1.0b
US$0.9b
US$0.8b
HKEx
(Main and GEM)
LSE
(Main & AIM)
Tokyo
SE
Shenzhen SE
(Main and
ChiNext)
NASDAQ
OMX
Shanghai
SE
Source: EY Global Trends 2016 1Q
Note: 1Q16 YTD (January–March 2016) IPO activity is based on priced IPOs as of 11 March and expected IPOs by end of March.

10. 9
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Largest Global IPOs in 2016 1Q
LaSalle Logiport REIT ranks No. 3 in 2016 1Q
Source: Renaissance Capital “Renaissance Capital's 1Q16 Global IPO Market Review“
Note: The data includes IPOs with a deal size of at least $100 million and exclude closed-end funds and SPACs. Data as of Mar. 28, 2016.
# Company Ticker Exchange Offer Date
Deal Size
($ mm) Industry
Return
from IPO
1 China Zheshang Bank 2016.HK Hong Kong Exchange 21-Mar $1,684 Financial n/a
2 Bank of Tianjin 1578.HK Hong Kong Exchange 21-Mar $948 Financial n/a
3 LaSalle Logiport REIT 3466.JP Tokyo Stock Exchange 4-Feb $897 Financial 8.6%
4 Metro Bank MTRO.LN LSE Main 4-Mar $571 Financial -5.0%
5 STG STG.DC Copenhagen Exchange 10-Feb $536 Consumer 3.2%
6 CYBG Group CYBG.LN LSE Main 3-Feb $496 Financial 15.7%
7 Middle East Healthcare Co MEH.AB Tadawul 1-Mar $471 Health Care n/a
8 Ascential ASCL.LN LSE Main 9-Feb $464 Communications 17.0%
9 Countryside CSP.LN LSE Main 12-Feb $440 Capital Goods 4.6%
10 CMC Markets CMCX.LN LSE Main 5-Feb $315 Financial 4.6%

11. 10
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Structure of TSE Cash Equity Market
JPX offers several markets with different concepts to allow companies to make an
optimal choice.
- Various Sectors
and
Growth
Companies -
1st Section
- Large-sized companies -
1,951 Companies
2nd Section
- Medium-sized
companies -
541 Companies
Market Of
The High-growth and
EmeRging Stocks
225 Companies
Available to both individual and professional investors
JASDAQ
Standard
742 Companies
JASDAQ
Growth
44 Companies
Equity Market
(3,521 companies)
Other
Cash Products
Professional-oriented market: Only available to professional investors
Note: As of March 31, 2016
14 Companies
20 Programs
(21 kinds of bonds)
ETF
196 ETFs
ETN
29 ETNs
REIT
53 REITs
Country Fund
1 Country Fund
Venture Fund
1 Venture Fund
Infrastructure Fund
None

12. 11
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TSE 1st, 2Cos,
9%
TSE 2nd, 2Cos,
8%
Mothers,
13Cos, 54%
JASDAQ, 6Cos,
25%
REIT, 1Co, 4%
IPOs in Japan in 2016 1Q
- Markets & Sectors
Number of IPOs by Market in Japan in 2016 1Q
(Total: 24 Cos)1
Note: 1 The data includes Tokyo Pro Market and REITs.
2 The data excludes Tokyo Pro Market and REITs.
Number of IPOs by Sector in Japan in 2016 1Q
(Total: 23 Cos)2
TSE Mothers,
13Cos, 54%
Web
Service/Adtech,
3Cos, 13%
EC, 1Co, 5%
Digital
Contents,
Games & Apps,
1Co, 4%
Classified Site,
1Co, 4%
Software/Sier,
1Co, 4%
MVNO, 1Co, 4%
Biotech &
Medtech, 1Co,
4%
Manufacturing,
3Cos, 13%
Services, 4Cos,
18%
Financial, 2Cos,
9%
Real Estate &
Construction,
2Cos, 9%
Other Sector,
3Cos, 13%
IT Sector,
8Cos, 35%

13. 12
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
IPOs in Japan in 2016 1Q
- Underwriters & Accounting Firms
Number of IPOs by Underwriter in Japan in 2015
(Total: 23 Cos) 1
Number of IPOs by Accounting Firm in Japan in 2015
(Total: 23 Cos) 1
Note: 1 The data excludes Tokyo Pro Market and REITs.
Ernst &
Young
ShinNihon,
6Cos, 26%
KPMG AZSA,
6Cos, 26%
Grant
Thornton
Taiyo, 5Cos,
22%
Deloitte
Touche
Tohmatsu,
3Cos, 13%
PwC Arata,
1Co, 5%
BDO Toyo,
1Co, 4%
BDO Sanyu,
1Co, 4%
Nomura,
5Cos, 22%
Daiwa, 5Cos,
22%
Mizuho,
5Cos, 22%
SBI, 3Cos,
13%
SMBC Nikko,
2Cos, 8%
Tokai Tokyo,
2Cos, 9%
Ichiyoshi,
1Co, 4%

14. 13
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
IPO Amount Ranking in Japan in 2016 1Q
23 IPO companies raised more than US$ 400 million in total.
Note: 1 1US$ = 100 JPY.
2 The data excludes Tokyo Pro Market and REITs.
#
Listing
date Ticker Company Name Market
Lead
Underwriter Sector
Total
IPO Amont
(US$ m)
Market Cap
(IPO Price)
(US$ m)
Market Cap
(First Price)
(US$ m)
PER
(Frist Price)
(x)
1 17-Mar-16 3932 AKATSUKI Mothers Nomura
Digital Contents,
Game & App 73.2 260.0 239.1 70.5
2 15-Mar-16 6615 UMC ELECTRONICS TSE 1st Mizuho Electric Appliances 71.2 250.7 207.2 16.4
3 18-Mar-16 6189 GLOBAL GROUP Mothers Ichiyoshi Services 41.5 163.4 261.4 30.5
4 15-Mar-16 7184 FIRST BANK OF TOYAMA TSE 1st Daiwa Banks 30.6 312.4 332.3 7.2
5 18-Mar-16 9466
AIDMA MARKETING
COMMUNICATION
Mothers Mizuho Web Service/Adtech 26.5 97.3 83.1 41.3
6 11-Mar-16 1436 FIT Mothers SBI Construction 22.1 80.7 74.3 11.3
7 31-Mar-16 6191 EVOLABLE ASIA Mothers SBI EC 20.6 96.6 143.3 56.0
8 3-Mar-16 7811 NAKAMOTO PACKS TSE 2nd Nomura Other Products 18.9 57.6 58.0 9.7
9 14-Mar-16 6187 LITALICO Mothers Nomura Services 17.7 80.0 150.4 41.8
10 18-Mar-16 6237 IWAKI TSE 2nd Daiwa Machinery 13.8 147.9 151.6 14.4
436.9Total (23 Cos)

15. 14
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Web Service and AdTech IPOs
from 2015 to 2016 1Q
RENTRACKS
(AdTech)
SHOWCASE TV
(AdTech)
COLLABOS
(Call Center)Source: Bloomberg, Companies’ website
Note:
1 US$ = 100 JPY
2 As of March 31, 2016.
METAPS
(App Monetization
& ePayment)
IRIDGE
(O2O)
Socialwire
(News Wire,
Incubation)
So-net Media
Networks
(AdTech)
GMO Media
(Point Media
& Social Media)
AppBank
(YouTuber)
＃
Listing
date Ticker Company Name Market
Lead
Underwriter
Revenue
(US$ m)
Net Profit
(US$ m)
Total
IPO Amont
(US$ m)
Market Cap
(IPO Price)
(US$ m)
Market Cap
(First Price)
(US$ m)
PSR
(Frist Price)
(x)
PER
(Frist Price)
(x)
Market Cap
(3/31/2016)
(US$ m)
Change
(IPO to
3/31/2016)
1 31-Mar-16 3922 PR TIMES Mothers SBI 8.5 0.5 11.7 40.6 64.5 4.8 85.3 64.9 60%
2 18-Mar-16 9466
AIDMA MARKETING
COMMUNICATION
Mothers Mizuho 65.7 2.4 26.5 97.3 83.1 1.5 41.3 70.0 -28%
3 24-Feb-16 3930 HATENA Mothers SMBC Nikko 10.9 0.6 6.9 21.2 80.2 1.9 38.5 71.5 237%
4 24-Dec-15 3929 SOCIALWIRE Mothers SBI 15.8 0.7 9.9 40.9 64.2 4.1 90.3 48.5 18%
5 22-Dec-15 6185 SO-NET MEDIA NETWORKS Mothers Daiwa 37.1 2.1 15.9 63.0 150.6 4.1 72.5 84.9 35%
6 23-Oct-15 6180 GMO MEDIA Mothers Daiwa 33.2 1.5 14.8 51.2 103.0 3.1 70.3 77.9 52%
7 15-Oct-15 6177 APPBANK Mothers Nomura 30.1 3.3 17.8 81.6 119.0 3.9 36.2 102.9 26%
8 28-Aug-15 6172 METAPS Mothers SMBC Nikko 22.7 -5.1 99.1 407.0 374.9 16.6 na 230.3 -43%
9 16-Jul-15 3917 IRIDGE Mothers Nomura 4.8 0.2 4.6 32.3 171.1 35.7 974.2 131.2 306%
10 24-Apr-15 6045 RENTRACKS Mothers SBI 21.3 1.1 7.4 42.3 64.8 3.0 57.0 65.7 55%
11 19-Mar-15 3909 SHOWCASE TV Mothers Nomura 8.9 1.4 6.2 26.9 79.0 8.9 56.6 64.3 139%
12 17-Mar-15 3908 COLLABOS Mothers SMBC Nikko 13.6 0.8 6.8 25.1 59.7 4.4 70.7 30.1 20%
Median 18.6 1.0 10.8 41.6 81.7 4.1 70.3 70.8 43%
PR TIMES
(News Wire)
aidMa
Marketing
Communication
(AdTech)
HATENA
(Social
Bookmark)

16. 15
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
E-Commerce & Crowd Sourcing IPOs
from 2015 to 2016 1Q
Source: Bloomberg, Companies’ website
Note:
1 US$ = 100 JPY
2 As of March 31, 2016.
HAMEE
(Smart Phone
Accessories)
MARKETENTERPRISE
(Online Recycling)
FUJISAN MAGAZINE
SERVICE
(Magazine)
PIXTA
(Stock Photo
Marketplace)
OPEN DOOR
(e-Travel)
＃
Listing
date Ticker Company Name Market
Lead
Underwriter
Revenue
(US$ m)
Net Profit
(US$ m)
Total
IPO Amont
(US$ m)
Market Cap
(IPO Price)
(US$ m)
Market Cap
(First Price)
(US$ m)
PSR
(Frist Price)
(x)
PER
(Frist Price)
(x)
Market Cap
(3/31/2016)
(US$ m)
Change
(IPO to
3/31/2016)
1 31-Mar-16 6191 EVOLABLE ASIA Mothers SBI 27.5 1.7 20.6 96.6 143.3 3.5 56.0 136.9 42%
2 17-Dec-15 3926 OPEN DOOR Mothers Mizuho 19.9 4.0 36.0 196.7 242.6 12.2 60.5 276.1 40%
3 14-Sep-15 3416 PIXTA Mothers Nomura 10.7 0.9 9.8 40.9 55.1 5.2 60.9 39.7 -3%
4 7-Jul-15 3138
FUJISAN MAGAZINE
SERVICE
Mothers Mizuho 19.4 1.3 5.5 42.0 95.1 4.9 75.0 48.2 15%
5 17-Jun-15 3135 MARKETENTERPRISE Mothers SMBC Nikko 29.4 1.1 7.4 37.1 98.9 3.4 86.2 63.9 73%
6 20-Apr-15 3134 HAMEE Mothers Mizuho 46.8 1.2 11.5 46.9 78.4 1.7 64.4 42.0 -10%
Median 23.7 1.2 10.7 44.4 97.0 4.2 62.6 56.1 28%
EVOLABLE ASIA
(e-Travel,
Offshore IT
Development)

17. 16
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Digital Contents & Games IPOs
from 2015 to 2016 1Q
Source: Bloomberg, Companies’ website
Note: 1 US$ = 100 JPY
2 As of March 31, 2016.
SILICON STUDIO
(Game Middleware)
GUNOSY
(News App)
MOBILE FACTORY
(Games)
AIMING
(Games)
BRANGISTA
(E-Book)
FuRyu
(Print Seal)
Mynet
(Games)
＃
Listing
date Ticker Company Name Market
Lead
Underwriter
Revenue
(US$ m)
Net Profit
(US$ m)
Total
IPO Amont
(US$ m)
Market Cap
(IPO Price)
(US$ m)
Market Cap
(First Price)
(US$ m)
PSR
(Frist Price)
(x)
PER
(Frist Price)
(x)
Market Cap
(3/31/2016)
(US$ m)
Change
(IPO to
3/31/2016)
1 17-Mar-16 3932 AKATSUKI Mothers Nomura 43.4 3.7 73.2 260.0 239.1 6.0 70.5 451.3 74%
2 21-Dec-15 3928 MYNET Mothers Daiwa 9.9 0.1 16.5 53.8 64.2 6.5 633.8 124.8 132%
3 18-Dec-15 6238 FURYU TSE 1st Nomura 239.1 19.1 53.9 301.8 303.7 1.3 15.9 277.5 -8%
4 17-Sep-15 6176 BRANGISTA Mothers Daiwa 17.1 1.4 12.4 61.7 88.8 5.2 62.5 418.5 578%
5 28-Apr-15 6047 GUNOSY Mothers Nomura 3.6 -13.9 103.3 332.5 332.5 92.6 na 133.9 -60%
6 26-Mar-15 3912 MOBILE FACTORY Mothers SBI 15.5 0.7 15.2 32.2 64.2 4.1 94.3 48.6 51%
7 25-Mar-15 3911 AIMING Mothers Nomura 26.3 -2.1 59.2 293.4 329.2 12.5 na 229.4 -22%
8 23-Feb-15 3907 SILICON STUDIO Mothers Mizuho 72.6 4.0 31.0 115.4 233.1 3.2 58.9 113.0 -2%
Median 21.7 1.0 42.4 187.7 236.1 5.6 66.5 181.7 24%
AKATSUKI
(Games)

18. 17
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
Classified Site IPOs
from 2015 to 2016 1Q
FIRSTLOGIC
(Real Estate
Investment)
IID
(Various
Sites)
DESIGNONE JAPAN
(Local Information)
Source: Bloomberg, Companies’ website
Note:
1 US$ = 100 JPY
2 As of March 31, 2016.
ITOKURO
(Cram School)
Kamakura
Shinsho
(Life Ending)
Investors Cloud
(Apartment
Management)
VALUE GOLF
(GOLF)
＃
Listing
date Ticker Company Name Market
Lead
Underwriter
Revenue
(US$ m)
Net Profit
(US$ m)
Total
IPO Amont
(US$ m)
Market Cap
(IPO Price)
(US$ m)
Market Cap
(First Price)
(US$ m)
PSR
(Frist Price)
(x)
PER
(Frist Price)
(x)
Market Cap
(3/31/2016)
(US$ m)
Change
(IPO to
3/31/2016)
1 2-Mar-16 3931 VALUE GOLF Mothers Tokai Tokyo 9.4 0.2 4.7 21.5 54.0 2.3 87.0 36.1 68%
2 4-Dec-15 6184 KAMAKURA SHINSHO Mothers SMBC Nikko 9.2 0.1 5.8 19.3 54.2 5.9 510.9 77.7 303%
3 3-Dec-15 1435 INVESTORS CLOUD Mothers SBI 146.1 5.5 23.4 139.9 270.5 1.9 48.8 1,027.5 634%
4 30-Jul-15 6049 ITOKURO Mothers SMBC Nikko 29.8 4.3 64.8 218.9 227.9 7.7 52.8 336.3 54%
5 30-Apr-15 6048 DESIGNONE JAPAN Mothers Mizuho 5.5 1.0 19.0 66.0 99.6 18.3 100.0 136.3 107%
6 24-Mar-15 6038 IID Mothers Nomura 32.1 2.6 15.3 67.0 98.1 3.1 37.5 32.9 -51%
7 18-Feb-15 6037 FIRSTLOGIC Mothers Daiwa 5.8 1.6 13.6 96.9 147.8 25.6 93.2 176.4 82%
Median 9.4 1.6 15.3 67.0 99.6 5.9 87.0 136.3 82%

19. 18
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Software/SIer IPOs
from 2015 to 2016 1Q
SMARTVALUE
(Cloud Solution)
TERRASKY
(Cloud Introducing
Consulting)
SMEDIO
(Digital Media
Software)
MKSYTEM
(Social and
Labor Insurance
Software)
Source: Bloomberg,
Companies’ website
Note:
1 US$ = 100 JPY
2 As of March 31, 2016.
IBC
(Security
Hardware)
PCI
HOLDINGS
(SIer)
DITAL
INFORMATION
TECHNOLOGIES
(SIer)
Vision
(Wifi)
Ahkun
(Security
Hardware)
R&D
Computer
(SIer)
RAKUS
(Groupware
ERP for SME)
NEOJAPAN
(Groupware)
＃
Listing
date Ticker Company Name Market
Lead
Underwriter
Revenue
(US$ m)
Net Profit
(US$ m)
Total
IPO Amont
(US$ m)
Market Cap
(IPO Price)
(US$ m)
Market Cap
(First Price)
(US$ m)
PSR
(Frist Price)
(x)
PER
(Frist Price)
(x)
Market Cap
(3/31/2016)
(US$ m)
Change
(IPO to
3/31/2016)
1 22-Mar-16 3933 CHIERU JQS Mizuho 15.6 0.9 4.3 14.6 38.7 0.9 15.9 34.6 137%
2 21-Dec-15 9416 VISION Mothers Mizuho 101.9 2.8 52.8 155.5 172.0 1.7 62.5 115.4 -26%
3 18-Dec-15 3927 AHKUN Mothers SMBC Nikko 9.9 1.1 7.8 29.2 105.7 10.7 97.2 57.7 98%
4 11-Dec-15 3924 R&D COMPUTER TSE 2nd Nomura 63.3 2.3 8.6 34.0 69.1 1.1 30.3 39.1 15%
5 9-Dec-15 3923 RAKUS Mothers Mizuho 34.1 3.8 5.0 121.7 399.9 11.7 105.6 193.1 59%
6 27-Nov-15 3921 NEOJAPAN Mothers SMBC Nikko 17.2 1.7 7.3 32.3 161.9 9.4 93.9 66.9 107%
7 15-Sep-15 3920 IBC Mothers Nomura 8.1 1.3 12.4 37.2 130.7 16.2 97.6 72.7 95%
8 4-Aug-15 3918 PCI HOLDINGS Mothers Mizuho 69.1 4.5 10.5 39.6 106.8 1.5 23.8 100.9 155%
9 18-Jun-15 3916 Digital Information Technologies JQS SMBC FRIEND 80.5 2.1 7.2 45.2 156.6 1.9 74.6 107.5 138%
10 16-Jun-15 9417 SMARTVALUE JQS Daiwa 63.7 0.9 6.2 17.1 75.9 1.2 87.9 30.1 76%
11 30-Apr-15 3915 TERRASKY Mothers Daiwa 11.0 -0.2 3.9 23.5 105.6 9.6 na 205.9 777%
12 27-Mar-15 3913 SMEDIO Mothers SMBC Nikko 7.7 0.5 9.5 43.5 69.1 9.0 140.5 22.3 -49%
13 17-Mar-15 3910 MKSYTEM JQS Okasan 6.7 1.2 5.6 17.8 76.9 11.4 62.1 34.4 93%
Median 17.2 1.3 7.3 34.0 105.7 9.0 81.2 66.9 95%
CHIeru
(Edtech)

20. 19
© 2016 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved.
＃
Listing
date Ticker Company Name Market
Lead
Underwriter
Revenue
(US$ m)
Net Profit
(US$ m)
Total
IPO Amont
(US$ m)
Market Cap
(IPO Price)
(US$ m)
Market Cap
(First Price)
(US$ m)
PSR
(Frist Price)
(x)
PER
(Frist Price)
(x)
Market Cap
(3/31/2016)
(US$ m)
Change
(IPO to
3/31/2016)
1 18-Mar-16 6190 PHOENIXBIO Mothers SMBC Nikko 8.8 0.6 11.3 67.8 66.4 7.7 119.5 69.3 2%
2 17-Dec-15 4595 MIZUHO MEDY JQS
Mitsubishi UFJ
Morgan Stanley 39.9 3.2 4.1 25.7 65.8 1.7 20.7 52.7 106%
3 22-Oct-15 4594 GREENPEPTIDE Mothers Mizuho 8.2 -4.1 65.0 143.1 131.7 16.0 -31.9 273.9 91%
4 25-Jun-15 7780 MENICON TSE 1st
Daiwa
Mitsubishi UFJ
Morgan Stanley
622.1 10.1 45.0 303.3 526.4 0.8 52.1 692.3 128%
5 16-Jun-15 4593 HEALIOS Mothers Nomura 2.8 -4.8 83.6 476.8 584.1 208.6 na 631.2 32%
6 8-Apr-15 4592 SANBIO Mothers Nomura 2.0 -5.9 149.5 872.4 745.9 365.1 na 670.1 -23%
7 26-Mar-15 7813 PLATZ Mothers Daiwa 45.0 1.8 6.1 29.6 50.4 1.1 28.0 17.7 -40%
8 26-Mar-15 6039
Japan Animal Referral
Medical Center
Mothers SMBC Nikko 14.8 0.9 9.4 24.9 35.9 2.4 41.6 35.0 41%
Median 11.8 0.7 28.1 105.5 99.1 5.1 34.8 171.6 37%
Biotech/Medtech IPOs
from 2015 to 2016 1Q
1 U.S. based company and 2 cell therapy companies conducted IPOs in Japan.
Source: Bloomberg, Companies’ website
Note:
1 US$ = 100 JPY
2 As of March 31, 2016.
: U.S. based companies
: Cell therapy companies
SANBIO
(Biotech – Cell therapy,
Stroke)
JARMeC
(Animal Referral
Medical Center)
PLATZ
(Nursing
Care Beds)
HEALIOS
(Biotech – Cell therapy,
Ophthalmic)
MENICON
(Contact Lenses)
MIZUHO MEDY
(In-vitro Diagnostic)
GreenPeptide
(Biotech – Cancer
Immunotherapeutic)
PHOENIXBIO
(CRO - Transgenic Animals
PXB-Mouse)

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