JX Metals rises in debut after biggest Japan IPO since SoftBank

JX Advanced Metals Corp. climbed 6.6% in its debut on the Tokyo Stock Exchange after its initial public offering raised ¥439 billion ($2.9 billion), the nation’s biggest float since SoftBank Corp.’s giant deal more than six years ago.

JX, which refines metal and makes semiconductor materials, closed at ¥874 on Wednesday. That compares with the ¥820 IPO price, which was at the high end of the marketed range.

“The move is more solid than expected, given the recent selloff in semiconductor-related names,” said Masahiro Yamaguchi, a senior market analyst at SMBC Trust Bank Ltd. “That shows investor’s sentiment isn’t that bad.”

The successful debut for JX may provide a tailwind for other local IPO hopefuls to push forward with their plans to go public. Japanese stocks have failed so far in 2025 to sustain the two-year rally they were on as US President Donald Trump’s tariffs rattle global markets, leaving the benchmark Topix index little changed for the year.

For investment bankers — Daiwa Securities Group Inc., JPMorgan Chase & Co., Morgan Stanley and Mizuho Financial Group Inc. arranged the JX deal — the focus is on whether JX will be able to spur some momentum. Japanese IPOs haven’t looked as hot recently as they did in 2024, when proceeds climbed to a six-year high of ¥961 billion, according to data compiled by Bloomberg.

Prior to JX, there were only been six deals that fetched a combined ¥12.6 billion this year.

With artificial intelligence being all the rage, JX is counting on demand for products such as AI chips to continue attracting investors. JX supplies key semiconductor materials to clients including Taiwan Semiconductor Manufacturing Co. and Intel Corp.

JX Metals is eyeing purchases of other firms with similar technologies, President Yoichi Hayashi said at a press briefing in Tokyo.

(By Yasutaka Tamura)