Eneos seeking $4b raise in metals unit IPO

The news: Japan’s Eneos Holdings is planning to list its metals unit, JX Advanced Metals (JXAM), in what would be the largest listing in Japan in the last seven years, according to sources cited by Reuters.

The numbers: The oil refiner is hoping to raise at least ¥400 billion ($4.25 billion) for the IPO, and plans to sell half of its JXAM stake in the listing at a valuation of at least ¥800 billion.

The context: The refiner is expecting to receive approval for the listing of JXAM as early as this week, having applied to the Tokyo Stock Exchange in October last year.

JXAM manufactures sputtering targets which are materials used during semiconductor chip production, and has invested in a new plant in Arizona for manufacturing the targets.