Japan Exchange Group / Tokyo Stock Exchange Growth Market listing requirements: admission criteria from the official rules
Japan Exchange Group / Tokyo Stock Exchange Growth Market: main admission criteria
A market for companies that disclose a business plan for realizing high growth potential and its progress in a timely manner and receive a certain market evaluation, while carrying relatively high risk in terms of business track record.
| Item | Requirement | Source |
|---|---|---|
| Number of shareholders | 150 or more (estimate at time of listing) | www.jpx.co.jp |
| Tradable shares | 1,000 units or more; market cap of tradable shares JPY 500 million (0.5 billion) or more; 25% or more of listed shares | www.jpx.co.jp |
| Public offering | Public offering of 500 trading units or more (except e.g. where market cap at listing is expected to be JPY 25 billion or more) | www.jpx.co.jp |
| Years of operation | 1 year or more as a stock company | www.jpx.co.jp |
| Audit | Financial statements in the annual securities report for listing application audited by a registered auditor of listed companies (last year: unqualified opinion) | www.jpx.co.jp |
Liberty Consulting (Tokyo) coordinates DEM listing projects with advisers in Mauritius. Ask for an initial eligibility review. This site, run by Mugen Kaitaku Inc., refers enquiries to Liberty Consulting.
Check eligibility →Track record and audited accounts
Audit of financial statements in the annual securities report for listing application (the official English table refers to the last two years); last year must be an unqualified opinion
Adviser or sponsor
No nominated-adviser system (lead managing underwriter and TSE examine the applicant)
Compared with the SEM Development & Enterprise Market (DEM)
| Item | Japan Exchange Group / Tokyo Stock Exchange Growth Market | Stock Exchange of Mauritius (SEM) Development & Enterprise Market (DEM) |
|---|---|---|
| Free float / public shareholding | 1,000 units or more; market cap of tradable shares JPY 500 million (0.5 billion) or more; 25% or more of listed shares | 10% or more (SEM may accept 5%, with FSC approval, if expected market cap at listing exceeds MRU 500 million) |
| Number of shareholders | 150 or more (estimate at time of listing) | 100 or more |
| Market capitalisation | — | Rs 20 million (MRU 20 million) or more |
| Track record and audited accounts | 1 year or more as a stock company／Financial statements in the annual securities report for listing application audited by a registered auditor of listed companies (last year: unqualified opinion) | At least 1 year of published financial statements prepared under IFRS and audited under ISA without qualification／Admission may be granted without a proven track record if a sound business plan covering at least 3 years, certified by an SEM-accredited independent financial adviser, is submitted |
| Accounting standards | — | IFRS (audit under ISA) |
| Public offering | Public offering of 500 trading units or more (except e.g. where market cap at listing is expected to be JPY 25 billion or more) | — |
| Adviser / sponsor | No nominated-adviser system (lead managing underwriter and TSE examine the applicant) | Under Rule 32 of the DEM Rules (amended July 2025), a DEM company shall, as far as reasonably practicable, retain a corporate adviser at all times. An applicant without a 1-year track record also needs its business plan certified by an SEM-accredited Independent Financial Adviser (IFA) |
Other markets in the same country
- Japan Exchange Group / Tokyo Stock Exchange Prime Market
- Japan Exchange Group / Tokyo Stock Exchange Standard Market
- Japan Exchange Group / Tokyo Stock Exchange TOKYO PRO Market
- Nagoya Stock Exchange Premier Market
- Nagoya Stock Exchange Main Market
- Nagoya Stock Exchange Next Market
- Fukuoka Stock Exchange Main Market
- Fukuoka Stock Exchange Q-Board
- Sapporo Securities Exchange Main Market
- Sapporo Securities Exchange Ambitious
Sources: official exchange and regulator pages and listing rules (checked 2026-10-27). Each row links to the official page it was taken from. This is a summary of the main quantitative admission criteria, not the full rulebook. Rules change; always confirm against the exchange's current rules before applying. Listing fees and costs vary widely by issuer and are not shown on this page.