Eneos Holdings, Japan’s largest oil refiner, is poised to raise at least 400 billion yen ($2.61 billion) by listing its wholly owned metals unit, JX Advanced Metals (JXAM), in what would be Japan’s biggest initial public offering (IPO) in seven years, according to sources familiar with the matter.
The Tokyo bourse is expected to approve the IPO of JXAM as early as this week, the sources told Reuters, although they declined to be named as the information has not been made public. Eneos plans to sell 50% of its stake in JXAM, aiming for a market valuation of at least 800 billion yen. This marks the first time details regarding the size of the IPO have been revealed.
Eneos has declined to comment further, beyond its previous announcements, and the Japan Exchange Group, owner of the Tokyo Stock Exchange, also refrained from commenting on individual companies.
JXAM IPO to Break Records
If successful, the JXAM listing will surpass the $2.5 billion IPO by Tokyo Metro last year, making it the largest IPO in Japan since SoftBank’s telecoms unit went public in 2018. Data from LSEG indicates that in 2024, Japan saw $6.2 billion raised through IPOs by 87 companies, the highest amount since 2021.
Eneos first applied for the listing of JXAM in October, as part of its strategy to optimize its portfolio and focus on high-growth sectors.
JXAM’s Role in the Semiconductor Industry
JX Advanced Metals is a key player in the manufacturing of sputtering targets—materials used to create thin metal films in semiconductor chip production. The semiconductor materials segment contributed about one-third of JXAM’s operating income, which totaled 81 billion yen for the last financial year.
In line with its growth strategy, JXAM is expanding its production capabilities, having invested in a new plant for sputtering target manufacturing in Arizona, further strengthening its position in the global semiconductor market.
Related topics:
Global Lithium Challenges Potential Takeover by Chinese Investors
Trump’s New Tariffs Create Market Uncertainty, Steelmakers and Dollar React
Nippon Steel Shares Fall After Trump-Ishiba Summit Clouds Acquisition Plans
