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An equal draw with no regard to trading history, and often a delegated underwriter on the group's large listings.
Open an account (free)35/100
Fine once you understand the conditions
This score is this site's own. It measures how accessible the lottery is without a large balance — not the chance that you will win. The same calculation is used on the Japanese pages.
💰Upfront deposit
You need buying power when you apply, but it is only locked from the purchase step.
🎯How the lottery works
An equal system draw. Trading history is irrelevant.
🆓Fees
None, either to apply or to buy.
🕐Timing
Late type — the draw happens after the purchase step, not before.
Apply within the indicative price range. You need available buying power, but it is not locked yet.
Once the offer price is set, check the outcome of your book building application.
Do this within the purchase window. The offer price multiplied by your shares is locked at this point.
The system draw runs after the purchase window closes, and the result appears on the site the same day.
If you win, the trade settles. You can place a sell order from 16:00 on the business day before listing.
The draw is run by system with fairness built in, and there is no preferential treatment for trading history or assets held. Someone who opened an account yesterday is drawn on the same terms as a customer of many years.
When Mitsubishi UFJ Morgan Stanley leads a large listing, this broker in the same group sometimes handles it as a delegated underwriter. Those allocations are easy to miss if you only read the original syndicate list, which is exactly why they are worth watching.
The order of events differs from most brokers. You apply during book building, the offer price is set, then you complete a purchase step, and only then does the draw run. The extra step catches people out. The upside is that you can see other brokers' results before deciding whether to go through with it.
An online broker in the Mitsubishi UFJ Financial Group, renamed from au Kabucom Securities in February 2025. It is known for its tie-up with the telecoms operator KDDI and offers investment services using Ponta points.
Start applying for IPOs at 三菱UFJ eスマート証券
Opening an account is free. You need to be resident in Japan — what that requires is on the account opening page.
Open an account (free)Conditions are those published by 三菱UFJ eスマート証券and can change. Confirm the current terms on the broker's own site before applying. Nothing here is investment advice.
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