JX Advanced Metals Launches Japan's Largest IPO Since 2018

JX Advanced Metals, a semiconductor materials supplier, made a successful debut on the Tokyo Stock Exchange on March 19, 2025, with its IPO priced at ¥820 per share, raising ¥439 billion ($2.9 billion). This represents Japan's largest IPO since SoftBank's in 2018. The stock initially rose but later showed signs of volatility, reflecting mixed investor sentiments amidst geopolitical challenges. JX Advanced Metals, which holds over 60% of the global market share in sputtering targets, plans to use the funds for expansion and investment in semiconductor materials. ENEOS Holdings, its parent company, retains a 42.4% stake and aims to direct part of the proceeds toward greener energy initiatives. The IPO is seen as a gauge of market confidence, particularly in light of increasing demand for AI-related technologies.