Eneos Holdings (TYO:5020) plans to raise 438.65 billion yen through a secondary offering of 534.9 million shares in its subsidiary JX Advanced Metals Corp. (JXAM), according to a Monday filing on the Tokyo Stock Exchange.
The share sale includes 304.7 million shares in a domestic offering and 160.5 million shares in an international offering, priced at 820 yen each.
An additional 69.8 million shares may be sold through an over-allotment option, which could increase the total net proceeds to 420.22 billion yen if exercised.
Following the sale, Eneos' stake in JXAM will drop to 42.4% from 100%, shifting JXAM's status from a consolidated subsidiary to an equity-method affiliate.
Eneos shares fell over 4% in morning trade Tuesday.
Price (JPY): $765.50, Change: $-34, Percent Change: -4.30%
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