Japan's Eneos Holdings Plans Massive Metals Unit IPO, Eyeing $2.61B
Eneos Holdings, Japan's leading oil refiner, is reportedly set to raise at least 400 billion yen ($2.61 billion) through the listing of its wholly-owned metals subsidiary, JX Advanced Metals (JXAM).
Sources close to the matter reveal that Eneos expects approval for the IPO from the Tokyo Stock Exchange as early as this week. The refiner aims to sell half its JXAM stake and secure a market valuation of at least 800 billion yen.
If successful, JXAM's IPO would become Japan's largest in seven years, surpassing Tokyo Metro's offering in 2022. It would also mark the biggest listing in Japan since SoftBank's telecoms unit went public in late 2018.
Eneos declined to comment beyond its previous announcements, while Japan Exchange Group stated that it could not provide details on individual companies.
JXAM, a manufacturer of sputtering targets, has seen its semiconductor materials segment contribute significantly to its operating income. The company recently invested in a new plant in Arizona for target manufacturing.
Eneos initiated the listing process in October as part of its strategy to optimize its portfolio and focus on growth areas. The IPO is expected to boost its financial flexibility and fund its expansion plans.