TOKYO (Reuters) – JX Advanced Metals, a wholly owned unit of Japan’s Eneos Holdings, has raised 438.6 billion yen ($2.97 billion) through an initial public offering after its shares were priced at the upper end of their marketed range, according to a filing on Monday.
The company priced its initial public offering at 820 yen per share, valuing it at 761.3 billion yen. The shares will debut on the Tokyo Stock Exchange on March 19.
The offering exceeds Tokyo Metro’s IPO in October, according to data compiled by LSEG, and is the largest listing in Japan since SoftBank’s telecoms unit in 2018.
JX Advanced Metals is a leading manufacturer of sputtering targets, which are materials used to create thin metal films during chip production.
The metal company has shifted its focus from mining and smelting to supplying advanced materials, focusing on semiconductor parts, after massive impairment losses from its investment and operation of the Caserones copper mine in Chile.
It plans to remain in mining and smelting to secure essential metals, including rare metals like tantalum, needed to produce advanced materials.
Its owner, Eneos, Japan’s biggest oil refining company, plans to use the proceeds for growth investments and to enhance shareholder returns.
($1 = 147.6400 yen)
(Reporting by Mariko Katsumura and Yuka Obayashi; Editing by Chang-Ran Kim and Mrigank Dhaniwala)
