Four Firms Advised On JX Advanced Metals' $3 Billion Japan IPO
Four Firms Advised On JX Advanced Metals' $3 Billion Japan IPO
JX Advanced Metals is set to launch Japan’s largest initial public offering (IPO) in five years, targeting JPY460 billion (USD3 billion). The listing surpasses the USD2.3 billion Tokyo Metro IPO in 2024 and marks the biggest issuance since SoftBank’s record-breaking JPY2.65 trillion (USD23.5 billion) IPO in 2018.
Nishimura & Asahi is advising JX Advanced Metals on Japan law matters, while Skadden, Arps, Slate, Meagher & Flom is handling US law, covering New York state and federal securities regulations.
The Skadden team is led by Tokyo-based Partner Kenji Taneda, Head of the Firm’s Corporate and US Law Practices in Japan, along with Counsel Ken Kiyota.
On the international managers’ side, Mori Hamada & Matsumoto is leading the Japan law advisory, with Partners Toshimitsu Nemoto and Takafumi Goto spearheading the team. Simpson Thacher & Bartlett is advising on US law aspects.
The IPO is managed by a consortium of seven global financial institutions, including Daiwa Capital Markets Europe, JP Morgan Securities, Morgan Stanley & Co International, Mizuho International, Merrill Lynch International, Nomura International, and Goldman Sachs International.
IPO Details and Market Impact JX Advanced Metals has set an indicative share price of JPY862 (USD5.69), with a planned issuance of 465,160,100 shares. The final pricing will be determined on March 10, and trading is expected to commence on the Tokyo Stock Exchange on March 19.
This IPO comes amid renewed momentum in Japan’s public markets. According to LSEG data, Japan witnessed nearly USD6.2 billion in IPOs from 87 companies last year—the highest sum since 2021. The JX Advanced Metals offering is poised to be a significant boost to this upward trend.
A subsidiary of energy giant Eneos Holdings, JX Advanced Metals specializes in the production of high-purity metals and compound semiconductor wafers, which are crucial components in the microelectronics sector.
