Japan’s low-key bid for Southeast Asia’s tech exits

At first glance, Japan doesn’t seem like an IPO haven for Southeast Asian startups. The language barrier, cultural differences, and geographical distance make the market easy to overlook. 

For years, going public for Southeast Asian tech firms meant heading to New York like Grab and Sea Group or sticking with local exchanges like GoTo Group and Bukalapak. 

Hong Kong has recently become a hotspot, but Tokyo – long seen as too insular or bureaucratic – was rarely considered. There are only a handful of Southeast Asian companies that have listed in Japan, like AnyMind Group in 2023.

There are 3,953 companies listed on the Tokyo Stock Exchange (TSE), but only five are designated as foreign. TSE aims to change that through a new initiative. / Photo credit: VTT Studio / Shutterstock

But recent moves by the Tokyo Stock Exchange (TSE) are prompting some regional founders to see Japan not just as a place to raise capital or chase deeptech partners but as a serious listing venue. 

UnaBiz, an IoT company originally based in Singapore, has been quietly laying the groundwork for an IPO in the next three to four years, which will likely be held in Tokyo. That includes overhauling its internal reporting, standardizing contracts, and aligning group processes to meet listing requirements.

Philippe Chiu, co-founder of UnaBiz, tells Tech in Asia that Japan currently accounts for around 25% of the company’s business. In 2019, the firm – which helps businesses manage large fleets of IoT devices – landed its first contract in Japan, with major utilities player Nicigas.

Keeping the options open

UnaBiz is one of the participants of the TSE Asia Startup Hub, a program launched by Japan Exchange Group (JPX) in March 2024 to court high-growth tech firms across the region. 

JPX has partnered with investors like Jakarta’s Indogen Capital to scout future IPO candidates, with last year’s program debut featuring 14 startups from Singapore, Indonesia, Malaysia, Vietnam, Taiwan, and South Korea.

The program aims to help startups build ties with Japanese investors and companies, laying the groundwork for a TSE listing within four to five years.

Nicigas started retrofitting its gas meter reader across Japan with UnaBiz’s solution in 2019. / Photo credit: Nicigas

For Hiroshi Iwase, who oversees international listings at TSE, the equation is simple: Japan has a deep pool of capital seeking growth, and Southeast Asian startups are hungry for funding and expansion.

JPX is now picking startups for the program’s second batch, set to be announced in the fourth quarter of 2025. 

“Slow-cooking” decisions, Japanese style