Japan's Tokyo Metro and Rigaku on Friday kicked off the processes to launch a combined $3.13 billion in initial public offerings (IPOs) next month, according to term sheets, as the local capital markets emerge as a global hotspot for investors.
Tokyo Metro will aim to raise $2.25 billion — making it the largest IPO in Japan for six years — while Rigaku, the Carlyle Group-backed maker of X-ray testing tools, is targeting an IPO worth up to $888 million, the term sheets showed.
The two deals, if successful in raising the targeted amount, will more than double the value of IPOs launched in Japan so far in 2024, according to LSEG data.
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