JX Advanced Said to Plan March Listing in $3 Billion Tokyo IPO
- IPO announcement expected as soon as this week, sources say
- Company seen valued at ¥800 billion after share sale
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JX Advanced Metals Corp. is planning to list on the Tokyo Stock Exchange’s prime section on March 19 after a share sale that may raise up to ¥460 billion ($3 billion) for its owner, according to people familiar with the matter.
The announcement is likely to be made as soon as this week, and the market cap is expected to be about ¥800 billion, according to the people, who declined to be named as the information isn’t public. Eneos Holdings Inc., which owns all of JX shares, is looking to sell 50.1% of its stake, or as much as about 58% including an over-allotment option, they said. Details are being worked out and may still change.