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  "documentTitle": "ey global ipo trends 2023 q4",
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  "notes": "Focuses on Japan's IPO ecosystem, mentioning Nikkei 225 performance, TSE reforms, and VC funding growth.",
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      "text": "In light of these various positive factors, the number of IPOs is expected to exceed 100 in 2024.",
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      "text": "2023 refers to the full calendar year and covers completed IPOs from 1 January 2023 to 4 December 2023, plus expected IPOs by 31 December 2023 (forecasted as of 4 December 2023). Sources: EY analysis, Dealogic.",
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      "text": "Japan has proved an IPO hotspot in 2023, with a 2% rise in volume, driven by a 30-year-high Nikkei 225, loose monetary policy and favorable deregulatory reforms that ease the process of going public.\nIn a bid to encourage activity, the Tokyo Stock Exchange (TSE) has enabled greater flexibility in setting pricing and terms, to shorten the period between approval and listing. In the new year, the authorities are set to abolish quarterly review disclosure, as well as review procedures by accounting firms, reducing the time and resources needed to prepare documents.\nHistorically, Japan lacked a thriving technology IPO ecosystem due to structural and other impediments. However, venture capital funding pools earmarked for startups markedly expanded, with 2022 fund sizes for early-stage firms ballooning 6.6 times over 2014 levels. Several 'unicorns' have emerged amid government's 'Five-Year Plan' aiming to further stimulate the growth of startups and unicorns.\nIn light of these various positive factors, the number of IPOs is expected to exceed 100 in 2024.",
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      "text": "IPO volume: 100",
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      "text": "Asia-Pacific IPO market (Cont'd)",
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      "text": "All amounts in US$ unless otherwise stated",
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