Japan’s Biggest IPO Since SoftBank Seeks to Raise $3 Billion.
An initial public offering from a key global supplier of semiconductor materials is seeking to raise about ¥460 billion ($3 billion) in what would be Japan’s biggest such deal since 2018.
JX Advanced Metals Corp., a unit of oil giant Eneos Holdings Inc., set an indicative price of ¥862 per share, according to a company filing to the Ministry of Finance Friday. Final pricing will be on March 10, and JX will list on the Tokyo Stock Exchange on March 19.
The deal would exceed last year’s blockbuster share debut of subway operator Tokyo Metro Co., and be the largest since SoftBank Corp.’s listing in December 2018.
The share offering points to another stellar year for Japanese IPOs, which outperformed the region in 2024. The mega deal from the metals company is being closely watched by other firms seeking to go public, and as a guide to whether the market’s bullishness will be sustained.
This large deal would set the tone for upcoming IPOs, said Takamasa Ikeda, a senior portfolio manager at GCI Asset Management Inc. He added that if JX’s share performance after listing is solid, it should support sentiment, especially for retail investors.
Source: FINANCE.YAHOO