Deals
Eneos Considers IPO of Up to 70% of JX Advanced Metals
- An initial share sale may raise as much as $4.5 billion
- Market for IPOs in Tokyo has been running hot in 2024
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Japanese oil refiner Eneos Holdings Inc. is considering selling as much as 70% of JX Advanced Metals Corp. in an initial share sale that may raise up to around ¥700 billion ($4.5 billion), according to people familiar with the matter.
The Eneos board is set to discuss the IPO at a meeting on Friday, with Chief Executive Officer Tomohide Miyata favoring a sale of 50.1% while others involved in the decision-making process prefer 70%, said the two people, who asked not to be named because the deliberations aren’t public.