Eneos Is Said to Mull IPO of Up to 70% of JX Advanced Metals (1)

Japanese oil refiner Eneos Holdings Inc. is considering selling as much as 70% of JX Advanced Metals Corp.in an initial share sale that may raise up to around ¥700 billion ($4.5 billion), according to people familiar with the matter.

The Eneos board is set to discuss the IPO at a meeting on Friday, with Chief Executive Officer Tomohide Miyata favoring a sale of 50.1% while others involved in the decision-making process prefer 70%, said the two people, who asked not to be named because the deliberations aren’t public.

There is a likelihood of Eneos settling on a number somewhere ...