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Japan’s top oil refiner, Eneos Holdings, is set to launch the nation’s largest IPO in seven years, aiming to raise at least 400 billion yen ($2.61 billion) by listing its wholly owned metals unit, JX Advanced Metals (JXAM), according to sources.
Eneos is expected to receive Tokyo Stock Exchange approval for the JXAM IPO as early as this week. The company plans to sell half of its stake, targeting a market valuation of at least 800 billion yen. If successful, the offering will surpass Tokyo Metro’s 2023 IPO and mark Japan’s biggest listing since SoftBank’s telecom unit in 2018.
In 2023, Japan saw $6.2 billion raised across 87 IPOs, the highest since 2021. Eneos filed for JXAM’s listing in October, aligning with its strategy to optimize its portfolio and shift focus to growth sectors.
JXAM is a leading manufacturer of sputtering targets, essential for producing thin metal films in semiconductor manufacturing. The unit’s semiconductor materials segment accounted for one-third of its 81 billion yen operating income in the last fiscal year. To strengthen its global presence, JXAM has invested in a new sputtering target plant in Arizona.
Following the IPO news, Eneos shares rose 1%, outperforming Japan’s flat broader market.
Neither Eneos nor the Tokyo Stock Exchange has commented on the listing plans.
By streamlining operations and expanding into semiconductor materials, Eneos aims to capitalize on high-growth sectors, positioning JXAM as a key player in the advanced materials industry.
