Initial public offerings in Japan may keep attracting buyers after having delivered the biggest gains among newly listed Asian shares this year in the world’s best-performing equity market.

Tokyo’s debutants in 2023 are up an average of 75% since their listings, according to data compiled by Bloomberg. That’s more than any other major Asian market that had at least $1 billion raised through IPOs over the period.

Looking at the first day of trade alone, newcomers in the city rose 51% on average, the most in five years, the data shows.