It seems that even in this downturn, there is still room for tech IPOs, at least in Japan. Cookpad [JP], the nation’s biggest site for sharing recipes, today announced it will be listed in the “Mothers” section of the Tokyo Stock Exchange on July 17.

Cookpad was launched as early as 1997 by the Tokyo-based company of the same name. The Japanese-only site now offers nearly 560,000 different recipes (submitted by users) and saw a whopping 351 million page views last month, generated by 6.8 million unique visitors. By way of comparison, one of America’s leading recipe sites, Allrecipes.com, claims it has almost double that number, but Google Trends shows there isn’t too much of difference.

Targeting mostly Japanese women in their 20s and 30s, Cookpad makes a decent amount of money. The site expects $18.5 million in revenues and $3.6 million net profit for the current fiscal year (that ends April 2010). Basic membership is free, but users can opt-in for a premium version ($3 monthly) to get access to more functions. Additional money comes in via display ads.

More information (in English) about the site can be found here.

The “Mothers” section for high-growth startup companies is the same in which Japanese site GREE, a mobile-only social gaming service that went IPO in December last year, achieved a market cap of $1.3 billion on its first day. GREE and Cookpad going IPO is good news for the Japanese web industry, which targets the third biggest Internet population in the world.