There will be only one IPO in June, just as in April and May. We have never seen this happen since the inception of Japan’s three small company stock markets. During the first five months of 2008, there have been 23 IPOs. Seven companies listed on JASDAQ, seven on TSE Mothers, three on the TSE 2nd section, three on OSE Hercules, and one each on JASDAQ NEO, Nagoya Centrex and Sapporo Ambitious. For these 23 companies, the opening price was an average of 33.5% above the offering prices.