By Kosaku Narioka

  Eneos Holdings plans to spin off its metals subsidiary through an initial public offering that is expected to raise nearly $3 billion, the biggest listing in Japan in more than six years. 

  The Tokyo-based energy giant said Monday that it plans to offer a majority of shares in the wholly owned subsidiary, JX Advanced Metals, in the offering that would raise as much as 438.6 billion yen, equivalent to $2.96 billion. The listing is scheduled for March 19. 

  Eneos said in February that it would use part of the proceeds to fund investments needed to expand the supply of next-generation energy sources, such as synthetic fuels and hydrogen. No new shares will be issued. 

  The company has said that JX Advanced Metals, which makes materials used in the semiconductor and information-technology industries, will be able to accelerate capital investments as well as research and development as a listed company. 

  The Tokyo Stock Exchange hosted several large offerings in recent months after the benchmark Nikkei Stock Average hit record highs last year. 

  In October, the IPO by subway operator Tokyo Metro raised about $2.31 billion, making it the largest since SoftBank Corp.'s $21 billion IPO in 2018, according to data from Dealogic. 

  Eneos said it will sell up to 534.9 million shares of JX Advanced Metals, or 57.6% of the total outstanding, at Y820 each, equivalent to $5.54. JX Advanced Metals said earlier this month that it expected to offer shares at around Y815 apiece. 

  Also on Monday, Japan Post Holdings said it will offer $4 billion of its shares in its banking unit. The postal and financial services giant said a total of about 410 million shares of Japan Post Bank will be offered at Y1,444 each, valuing the offering at about Y592 billion, equivalent to $4 billion. 

  Write to Kosaku Narioka at kosaku.narioka@wsj.com 

  (END) Dow Jones Newswires

  March 10, 2025 05:20 ET (09:20 GMT)
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