Japan is gearing up for larger initial public offerings (IPOs) in the coming months, revitalising a market that has predominantly seen debuts raising under USD100m in the past decade. Tokyo Metro recently announced its IPO aims to raise approximately JPY319.6bn (USD2.2bn), positioning it as Japan’s biggest listing since SoftBank’s USD21bn IPO in 2018. This follows Rigaku Holdings, backed by Carlyle Group, seeking to raise JPY109.6bn next month. The Nikkei 225 has surged over 20% from its August low, with share sales hitting a 20-year high this fiscal year. “The backdrop is positive,” said Kelvin Leung of Robeco Hong Kong. Other upcoming IPOs include Kioxia Holdings and Intermestic, potentially raising up to USD500m.