Eneos to list metals unit in largest Japanese IPO in seven years

14th Feb 2025 12:53

(Sharecast News) - Japanese commodities conglomerate Eneos Holdings is listing its metals unit JX Advanced Metals on the Tokyo Stock Exchange in the country's biggest stock market debut since 2018.

JXAM is looking to raise up to 461bn yen ($3bn) by selling 465.2m shares, valuing the business at JPY800bn.

The Eneos subsidiary develops, manufactures and sells advanced materials for the semiconductor and ICT sectors, with core products of so-called sputtering targets for semiconductor devices and treated rolled copper foils.

It also engages in resource development, smelting and the recycling of copper and minor metals.

Eneos said the rationale behind the IPO is to realise a "highly profitable structure". Through listing shares, JXAM is looking to "enhance its corporate value by establishing a management structure capable of highly specialised and rapid decision-making and realising an optimal capital structure based on business characteristics, thereby accelerating capital investments, R&D, etc. in the highly competitive fields of semiconductor and ICT materials", the company said in a statement.

This listing, which should take place on 19 March, will be the largest IPO in Japan since SoftBank listed its telecoms division in 2018.