JX Advanced Metals cut Japan’s biggest initial public offering since SoftBank Group’s to ¥439 billion ($2.9 billion), fueling concerns that demand for IPOs is waning after a banner year.

The shares will be offered at ¥810 to ¥820 each after feedback from investors, JX Metals said in a filing in Tokyo on Monday. That’s as much as 6% lower than what the company had indicated just over two weeks ago.

The move could bode ill for Japanese companies planning to go public given the scale of JX Metals’ offering — it’s poised to be Japan’s largest since 2018. After IPO proceeds climbed to ¥960 billion last year, optimism had carried over to 2025, with Tokyo’s first listing of the year surging during its trading debut.