TOKYO (Reuters) – Japan’s largest oil refiner Eneos Holdings is considering offering up to 70% of its metal unit JX Advanced Metals (JXAM) in an initial public offering which may raise up to 700 billion yen ($4.51 billion), Bloomberg reported on Thursday, citing sources.
Eneos has been preparing for JXAM’s IPO since May 2023 as it wants to raise funds for a green transition and boost corporate value for both companies. JXAM applied for a listing on Tokyo Stock Exchange on Oct 8.
The IPO launch is planned for February and JXAM is expected to be listed in March, two sources familiar with the process told Reuters on Thursday. Daiwa is one of the IPO arrangers, one of the sources added.
The Eneos board, which will meet on Friday, may offer between 50.1% and 70% of JXAM’s existing shares for the IPO, Bloomberg said, citing two people familiar with the process.
Eneos did not reply to a Reuters request for comment.
($1 = 155.2500 yen)
(Reporting by Katya Golubkova and Miho Uranaka; Editing by Nicholas Yong)
