Key details

Prior to applying for listing eligibility review, the applicant should enter into a lead management agreement with a managing underwriter who will underwrite the shares to be issued and help smooth proceeding of listing preparations.


  • Matters to be included in the lead management agreement
    1. Matters related to confirmation and investigation regarding the business results, business-related matters, financial soundness of the issuer,
    2. Matters on guidance and monitoring of finance, accounting, and tax management of the issuer,
    3. Matters on consultation and guidance regarding the listing criteria,
    4. Matters on the examination of descriptions in the registration statement, and
    5. Matters on examination of the reputation of the issuer and largest shareholders.
    6. Matters on cancellation, termination and change of the contract
  • Major roles of the managing underwriter
    A lead manager is required to file with the KOFIA the performance report related to IPO of a corporation including below information for three years after the listing. The KOFIA may disclose the information on its website.
    1. Matters related to confirmation and investigation regarding the business results, business-related matters, financial soundness of the issuer,
    2. Matters on guidance and monitoring of finance, accounting, and tax management of the issuer,
    3. Date of listing, the base price of the first trading day (opening price), previous day's closing price (closing price)
    4. Average closing price for one month after the listing, last price after six months of the listing, highest and lowest prices for one year after listing
    5. Number of overallocated shares, method and average price of unwinding of short position, collection of subscription deposit, determination of the offering price, allocation of the subscribed shares, date of designation as administrative issue, date of delisting
    6. Monthly change of the stock price of a listed corporation and the index based on daily closing price
    7. Organizing and proceeding the works concerning public offering and solicitation of subscription
Related rules and regulations
Regulation on securities underwriting business, etc.
Regulations on Securities Underwriting Business of KOPIA