JX Advanced Metals climbs 6.6% in largest Japanese IPO since 2018
TOKYO, March 19 (Reuters) - Shares in JX Advanced Metals (5016.T), opens new tab, the metals unit of Japan's largest oil refiner Eneos (5020.T), opens new tab, rose 6.6% in their debut in Tokyo on Wednesday after the country's largest initial public offering since 2018.
Shares closed at 874 yen ($5.84), compared to the IPO price of 820 yen per share. The benchmark index (.TOPX), opens new tab was up 0.5%.
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The IPO raised $2.97 billion last week, making it the largest in Japan since the flotation of SoftBank Group's (9984.T), opens new tab telecoms unit in December 2018, exceeding the Tokyo Metro (9023.T), opens new tab IPO of last October, LSEG data showed.
JX Advanced Metals is a leading manufacturer of sputtering targets, which are materials used to create thin metal films during chip production.
"Both the initial and closing prices were highly regarded by our shareholders despite the unfavourable market environment," the company's President Yoichi Hayashi told a news conference after the market closed.
Since 2019, the company has shifted its focus from mining and smelting to electronic materials used in smartphones, cars, and telecommunications infrastructure, following hefty losses from the Caserones copper mine in Chile.
"Our shareholders invested in us with high expectations for our growth story. We are committed to meeting their expectations through business growth and will strive to deliver returns that align with those expectations," Hayashi said.
($1 = 149.6800 yen)
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