JX Advanced Metals priced its initial public offering at the upper end of its marketed range, raising ¥439 billion ($3 billion) and making it Japan’s biggest IPO since SoftBank went public in 2018.

Eneos Holdings sold the shares at ¥820 each and the over-allotment option was exercised, JX Metals said in a statement on Monday. The company plans to list on the Tokyo Stock Exchange on March 19.

The pricing provides confidence to other Japanese companies seeking to pursue listings as the nation’s stock market gets caught up in the global trade war. Tech and chip shares have particularly suffered in recent weeks as investors grappled with uncertainties over tariffs and a slowdown in spending on artificial intelligence computing gear.

Such concerns had contributed to Eneos recently cutting expectations for JX Metals’ pricing to a range of ¥810 to ¥820 a share. Eneos shares fell 1.3% to close at ¥799.90 before the statement, extending this year’s decline to 3.2%.

JX Metals supplies key semiconductor materials to clients including Taiwan Semiconductor Manufacturing Co. and Intel. The company generated about a third of its operating profit from the chip materials segment in its fiscal year ended in March last year.

Eneos, which owned all shares of JX Metals, sold part of its stake globally. The nation’s biggest oil refiner has said it would improve shareholder returns and invest in decarbonization with the funds raised from the IPO.

Joint global coordinators on the deal are Daiwa Securities Group, JPMorgan Chase, Morgan Stanley and Mizuho Financial Group.

Japan’s IPO market saw more than ¥960 billion of offerings last year, with major deals including Kioxia Holdings and Rigaku Holdings. The total proceeds was the largest since 2018 as private equity fund-backed listings such as MBK Partners-backed Kuroda Group took place.