JX Advanced Metals raised $3bn in its initial public offering, marking Japan’s biggest IPO since SoftBank’s listing in 2018.

The company priced its shares at the top end of the expected range at ¥820 each, with the over-allotment option fully exercised. The stock is set to debut on the Tokyo Stock Exchange on March 19.

The strong pricing signals confidence for other Japanese firms eyeing public listings, despite market volatility driven by global trade tensions. Recent concerns over tariffs and a slowdown in artificial intelligence-driven chip demand have impacted tech and semiconductor stocks. These factors had led Eneos Holdings, JX Metals’ parent company, to lower its pricing expectations to between ¥810 and ¥820 per share.

JX Metals plays a crucial role in the semiconductor supply chain, providing materials to major chipmakers like Taiwan Semiconductor Manufacturing Co. (TSMC) and Intel. In its last fiscal year ending March, the company generated roughly one-third of its operating profit from semiconductor materials.

Eneos, Japan’s largest oil refiner, owned all JX Metals shares before the IPO. It sold part of its stake globally, aiming to use the proceeds to enhance shareholder returns and invest in decarbonization initiatives.

Daiwa Securities Group, JPMorgan Chase, Morgan Stanley, and Mizuho Financial Group served as joint global coordinators for the IPO.

Japan’s IPO market saw offerings exceeding ¥960bn last year, with major deals including Kioxia Holdings and Rigaku Holdings. Private equity-backed listings, such as MBK Partners-backed Kuroda Group, also contributed to the strong capital-raising environment.