ENEOS Holdings plans to raise ¥461 billion ($3 billion) through the listing of its subsidiary, JX Advanced Metals Corporation (JXAM), to free up capital for energy transition projects, including hydrogen and synthetic fuels.
The largest oil refiner in Japan will sell more than 460 million shares in JXAM, with an option to over-allot an additional 69.8 million shares, reducing its total ownership from 100% to 42.4%.
The initial public offering (IPO) reportedly represents Japan’s largest in seven years on the Tokyo Stock Exchange.
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