Nishimura & Asahi and Skadden Arps Slate Meagher & Flom are advising JX Advanced Metals on its upcoming 460-billion-yen ($3 billion) initial public offering, the largest listing in Japan since SoftBank Corp’s $23.5 billion IPO in 2018.
Mori Hamada and Simpson Thacher & Bartlett are representing the international managers on the transaction, comprising Daiwa Capital Markets Europe, JP Morgan Securities, Morgan Stanley & Co International, Mizuho International, Merrill Lynch International, Nomura International, and Goldman Sachs International.
The transaction comes as Japan's IPO market shows signs of renewed vigour, with almost $6.2 billion raised in IPOs by 87 companies last year, the largest sum since 2021, according to LSEG data. The JX offering surpasses the $2.3 billion Tokyo Metro IPO in 2024, the largest that year.
The IPO involves the issuance of 465,160,100 shares at an indicative price of 862 yen per share. The final pricing is scheduled for March 10, with trading expected to commence on the Tokyo Stock Exchange on March 19.
JX Advanced Metals, a subsidiary of energy giant Eneos Holdings, specializes in the production of high-purity metals and compound semiconductor wafers for the microelectronics industry.
The Mori Hamada team advising the international managers on Japan law is led by partners Toshimitsu Nemoto and Takafumi Goto.
