JX Advanced Metals

JX金属

TSE Prime ・ Ticker 5016 ・ Listed

Updated Oct 1, 2026

Result on listing day

+2.8%

Offer price

820 yen

First traded price

843 yen

Selling 100 shares at the first traded price would have produced a gain of 2,300 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-03-03 — 2025-03-07
Lottery result: 2025-03-10
Listing date: 2025-03-19
Cash needed to apply for one lot (100 shares): about 82,000 yen
Offering size (at the offer price): 439 billion yen ・ 534,934,100 shares
Market capitalisation at listing: 761 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 親会社のENEOSホールディングスに180日間（2025年9月14日まで）
Company website: https://www.jx-nmm.com/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The joint lead underwriters are Daiwa Securities, Mizuho Securities, Nomura Securities, SMBC Nikko Securities, Mitsubishi UFJ Morgan Stanley Securities, which receive the largest allocations.

大和証券みずほ証券野村證券 SMBC日興証券三菱UFJモルガン・スタンレー証券 SBI証券楽天証券マネックス証券水戸証券めぶき証券三菱UFJ eスマート証券大和コネクト証券

Broker pages are in Japanese. A comparison in English is on the brokers page.

What stands out

Its mainstays are advanced materials for AI servers and smartphones, such as sputtering targets for semiconductors and rolled copper foil
Revenue rose 23.7% to 884.6 billion yen and profit attributable to owners of the parent rose 53.3% to 104.6 billion yen in the year to March 2026
Its dividend policy targets a payout ratio of about 25% with a floor of 20 yen a year, and in June 2026 it bought back about 194.9 billion yen of its own shares through a tender offer

What could go wrong

Profit is sensitive to copper prices and exchange rates (the forecast for the year to March 2027 assumes copper in the 580-cent range per pound and 155–160 yen to the dollar)
Because terms for buying copper ore have worsened, it is considering cutting output at its smelters, and in August 2026 it also expected lower mine output due to bad weather
In May 2026 it decided to issue 250 billion yen of convertible bonds (bonds that can be turned into shares); if they are converted, the value of each existing share may be diluted

About the company

A non-ferrous metals company that makes advanced materials such as sputtering targets used to form wiring in semiconductors and rolled copper foil used in smartphones, and also smelts and recycles copper.

How it makes money

It has three businesses: semiconductor materials (such as sputtering targets for chips), information and communications materials (rolled copper foil, titanium copper, electric wire and more), and basic materials (collecting and selling recycled raw materials, contract copper smelting, precious metals and more). In the year to March 2026 revenue was 407.9 billion yen in basic materials, 318.7 billion yen in information and communications materials and 177.2 billion yen in semiconductor materials; basic materials, which includes equity-method income from copper mining and smelting affiliates, earned the largest operating profit at 139.5 billion yen.

Where growth is meant to come from

Under its long-term vision to 2040 it aims to grow semiconductor materials and information and communications materials as its focus businesses, and in March 2026 it opened its Hitachinaka plant as a new base for advanced semiconductor materials, including those for AI data centres. In August 2026 it raised its forecast for the year to March 2027 to revenue of 1,025.0 billion yen and profit attributable to owners of the parent of 141.0 billion yen (against 884.6 billion yen and 104.6 billion yen the year before).

Read about this company in Japanese →

Figures are taken from the offering documents and public sources, and are checked against two independent sources before publication. Nothing here is investment advice. Shares can and do open below their offer price.