NAME: JX Advanced Metals’ $3 billion IPO
LAW FIRM: Mori Hamada & Matsumoto, Nishimura & Asahi, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom
JURISDICTION: Japan
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Energy and natural resources
JX Advanced Metals’ $3 billion IPO is our deal of the month for March.
JX Advanced Metals, a subsidiary of energy giant Eneos Holdings, is preparing for a $3 billion IPO on the Tokyo Stock Exchange (TSE). The IPO will issue 465.2 million shares and is expected to start trading on March 19, making it the largest listing since SoftBank's $23.5 billion IPO in 2018.
JX Advanced Metals holds approximately 60% of the global market share for sputtering targets, which are crucial for semiconductor circuits. Consequently, the IPO will act as a barometer for global chip demand, a key element in the rapidly evolving field of artificial intelligence. The listing is also indicative of the renewed vigour of Japanese equities and is viewed as a benchmark for the sustainability of the current market uptrend.
Mori Hamada & Matsumoto represented the international managers on Japanese law. The team was led by partners Toshimitsu Nemoto and Takafumi Goto. The international managers were advised on US law by Simpson Thacher & Bartlett.
Nishimura & Asahi represented JX Advanced Metals on domestic law matters, while Skadden Arps Slate Meagher & Flom advised on US law, covering New York state and US federal securities issues.
