JX Advanced Metals seeks to raise $3 billion in an IPO, marking Japan’s largest since 2018. The shares are priced at ¥862 with a listing on March 19, anticipated to outperform previous IPOs. The move indicates a positive trend in Japan’s IPO market, with potential benefits for both JX Advanced and Eneos as it focuses on technology and sustainability.
JX Advanced Metals, a subsidiary of Eneos, is planning to conduct an initial public offering (IPO) aiming to raise approximately ¥460 billion (equivalent to $3 billion), marking Japan’s largest IPO since 2018. The company has set an indicative share price of ¥862 and will officially list on the Tokyo Stock Exchange on March 19. This IPO is anticipated to surpass last year’s successful debut of Tokyo Metro, being the biggest since the SoftBank listing in December 2018.
The IPO suggests a promising outlook for the Japanese IPO market, which has previously shown stronger performance than other regions in 2024. The substantial offering from JX Advanced is closely monitored by firms contemplating public listings, serving as a potential indicator of sustained market confidence. Eneos, Japan’s leading oil refiner, plans to sell up to 534.9 million shares, with intentions to utilize the proceeds to enhance shareholder returns as well as invest in decarbonization efforts.
Eneos stated that the upcoming listing is expected to enhance the corporate value of both JX Advanced and its parent company. JX is strategically shifting its focus towards becoming a leader in the semiconductor and technology sectors, as per statements made by Eneos in October. This transition is aligned with broader trends in the market, as companies increasingly look to adapt to new technologies and environmental challenges.
In conclusion, JX Advanced Metals is poised to launch Japan’s largest IPO since 2018, seeking to raise $3 billion. The success of this undertaking could significantly impact the future landscape of IPOs in Japan, signaling continued market enthusiasm. Additionally, the funds raised will further support the parent company, Eneos, in its ambitions toward shareholder returns and sustainable investments in technology and decarbonization.
Original Source: www.japantimes.co.jp
Leave a Reply