Eneos Plans IPO for Subsidiary JX Advanced Metals, Aims to Raise $2.61 Billion
Tokyo, Japan - Eneos Holdings, Japan's largest oil refiner, is reportedly planning an initial public offering (IPO) for its wholly-owned subsidiary, JX Advanced Metals. According to sources familiar with the matter, Eneos aims to raise at least 400 billion yen ($2.61 billion) through the IPO.
The sources indicate that Eneos expects to receive approval for the IPO from the Tokyo Stock Exchange this week. The company plans to sell 50% of its JXAM stake in the offering, with a target market value of at least 800 billion yen ($5.22 billion).
This is the first time the targeted size of the IPO has been reported. Eneos declined to comment beyond previously announced information, while Japan Exchange Group, owner of the Tokyo Stock Exchange, stated that it does not comment on individual companies.
Sources, who requested anonymity due to the private nature of the information, provided these details.