A quartet is advising on Japan’s largest IPO in five years, as JX Advanced Metals prepares for a market debut set to raise JPY460 billion (USD3 billion), surpassing the USD2.3 billion Tokyo Metro listing in 2024 and marks the biggest such issuance after SoftBank raised JPY2.65 trillion (USD23.5 billion) in 2018.
Nishimura & Asahi is counselling on Japan law matters for JX, while Skadden Arps Slate Meagher & Flom is advising on US law, covering New York state and US federal securities. Tokyo-based partner Kenji Taneda, head of Skadden’s corporate and US law practices in Japan, with counsel Ken Kiyota are leading the team.
Mori Hamada & Matsumoto is representing the international managers on Japan law, led by partner Toshimitsu Nemoto. Simpson Thacher is advising the international managers on US law, covering New York state and US federal securities.
A consortium of seven international financial institutions is managing the IPO, including Daiwa Capital Markets Europe, JP Morgan Securities, Morgan Stanley & Co International, Mizuho International, Merrill Lynch International, Nomura International and Goldman Sachs International.
JX Advanced Metals, a subsidiary of energy giant Eneos Holdings, has set an indicative price of JPY862 (USD5.69) apiece and plans to issue 465,160,100 shares. The final pricing will be determined on 10 March, with shares expected to be listed on the Tokyo Stock Exchange on 19 March.
The company produces a range of high-purity metals and compound semiconducter wafers used in the microelectronics sector.
