SoftBank's second largest IPO in Japan after! JX Metals raised $3 billion.

The global semiconductor material supplier, JX Advanced Metals Corp., priced its IPO at 820 yen per share, at the upper end of the range, raising a total of 439 billion yen (3 billion USD), making it the largest IPO in Japan since SoftBank's listing in 2018. JX Metals is a subsidiary of the oil giant Eneos Holdings Inc., who sold the shares at 820 yen per share, with the oversubscription option already exercised. Given that the Japanese stock market has been affected by the global trade war, this pricing has provided confidence for other Japanese companies seeking to go public. Technology and chip stocks have been particularly impacted in recent weeks due to investor concerns over tariff uncertainty and a slowdown in spending on artificial intelligence computing equipment. These concerns prompted Eneos to recently lower the pricing expectations for JX Metals to between 810 yen and 820 yen per share. Prior to the statement, Eneos' stock price fell by 1.3% to 799.90 yen, with a year-to-date decline of 3.2%. JX Metals provides critical semiconductor materials to clients such as TSMC and Intel. In the fiscal year ending in March of last year, the company generated approximately one-third of its operating profit from its chip material division. Eneos, which owns all of JX Metals' shares, has sold a portion of its shares to global shareholders. Japan's largest refinery company stated that it will use the funds raised from the IPO to increase shareholder returns and invest in decarbonization. The joint global coordinators for this transaction are Daiwa Securities Group, JPMorgan, Morgan Stanley, and Nomura Financial Group. Last year, Japan's IPO market raised over 960 billion yen, reaching the highest fundraising level since 2018. Major transactions included Kayac Holdings and Rissho Holdings.