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Investing.com -- Eneos Holdings, a Japanese energy company, announced on Friday its plans to spin off its metals subsidiary, JX Advanced Metals, and raise up to $3 billion through a listing.
The company confirmed that the Tokyo Stock Exchange approved the listing of JX Advanced Metals, which is slated for March 19.
Eneos intends to sell a majority of shares in the wholly owned subsidiary during the initial public offering (IPO).
The funds raised will be partially used for investments necessary to augment the supply of next-generation energy, including synthetic fuels and hydrogen.
Eneos stated that JX Advanced Metals, a manufacturer of materials employed in the semiconductor and information-technology industries, would be able to expedite capital investments and research and development as a publicly traded company.
The energy company plans to sell up to 534.9 million shares, constituting 57.6% of the total outstanding. The offering price is set to be determined on March 10, and no new shares will be issued.
Currently, JX Advanced Metals anticipates offering shares at 862 yen each. The offering could potentially raise up to ¥461 billion, which is equivalent to $3.02 billion.
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