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Underwrites more listings than almost any other broker — in some years over half of everything that lists. 10% of the online allocation is drawn fully equally.
Open an account (free)52/100
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
Required. Your money is committed from the moment you apply.
🎯How the lottery works
10% of the online allocation is a fully equal draw, plus up to 5% through a tiered draw.
🏆The tiered draw
Four tiers based on assets held. Higher tiers get more tickets — up to 25 at the top.
⚠️Penalty for declining
Yes. You cannot apply for new IPOs for about a month.
Set your account to receive the prospectus electronically.
The money must be in before book building opens, not after.
Specify a price and apply within the window. Your funds are committed at this point.
The draw runs once the offer price is set. Results appear on the website and by email.
If you won or are in reserve, complete the purchase step within the window.
It acts as underwriter or lead underwriter on a very large number of listings — in some years more than half of everything that comes to market. On listings where it leads, the allocation to individuals is correspondingly large. If you want a single broker that gives you a shot at the most listings, this is the strongest candidate among the large houses.
Of the allocation for online customers, 10% is drawn fully equally, with no regard to how many shares you applied for or how much money you hold. A further portion of up to 5% goes through a tiered draw based on assets on deposit, where the top tier receives twenty-five times the tickets of the bottom one.
The penalty deserves attention. Declining after a win blocks you from new applications for about a month and voids applications you have already made elsewhere in this broker. That is a harsher consequence than most brokers impose, so decide before you apply whether you would actually buy.
A major securities house in the Sumitomo Mitsui Financial Group. It runs both branch offices and online trading, and the breadth of its underwriting business is the main reason to hold an account here.
Start applying for IPOs at SMBC日興証券
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 SMBC日興証券and can change. Confirm the current terms on the broker's own site before applying. Nothing here is investment advice.
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