TOKYO (Reuters) – Shares in JX Advanced Metals rose 2.8% in their debut in Tokyo on Wednesday following Japan’s largest initial public offering since 2018.
Shares opened at 843 yen ($5.64), compared to the IPO price of 820 yen per share. The benchmark index was up 0.6%.
The IPO of the metals unit of Japan’s largest oil refiner ENEOS raised $2.97 billion last week.
That is the largest IPO in Japan since the telecoms unit of SoftBank Group in December 2018, and exceeds the Tokyo Metro IPO of last October, according to LSEG data.
JX Advanced Metals is a leading manufacturer of sputtering targets, which are materials used to create thin metal films during chip production.
($1 = 149.4200 yen)
(Reporting by Sam Nussey; Editing by Tom Hogue)
