Tekscend Photomask Aims for $2 Billion Valuation in Tokyo IPO

Tekscend Photomask, a Japanese photomask manufacturer, aims for a $2 billion valuation in its upcoming IPO. The company, part of Toppan Holdings, could receive listing approval from the Tokyo Stock Exchange by late September. The IPO will include the sale of both new and existing shares, with private equity firm Integral selling its stake. Bank of America, Nomura, and Morgan Stanley MUFG Securities are lead underwriters.

Tokyo, Aug 26 (Reuters) - Tekscend Photomask, a Japanese manufacturer of photomasks for chipmaking, is aiming for a valuation of 300 billion yen ($2 billion) in its initial public offering (IPO), according to two sources familiar with the matter. The company, which is part of Toppan Holdings, could receive listing approval from the Tokyo Stock Exchange as soon as late September.

Toppan carved out the manufacturer three years ago with private equity firm Integral taking a stake in the company. The IPO will include the sale of both new and existing shares, with Integral selling its stake in the process. Integral did not immediately respond to a request for comment.

Tekscend Photomask follows chipmaker Kioxia in taking advantage of rules that allow companies to communicate with potential investors in the IPO before receiving listing approval from the Tokyo bourse. The company manufactures photomasks, which are used to transfer patterns onto semiconductor wafers. Toppan has a 50.1% stake in the business, with Integral holding the remaining 49.9%.

Bank of America, Nomura, SMBC Nikko, and Morgan Stanley MUFG Securities are lead underwriters on the IPO. These financial institutions declined to comment on the matter.

The specific schedule for the IPO has not been decided, as both Toppan and Tekscend Photomask are currently preparing for the listing.

($1 = 147.3600 yen)

References:
[1] https://www.reuters.com/markets/europe/tekscend-photomask-targets-2-billion-valuation-tokyo-ipo-sources-say-2025-08-26/
[2] https://finance.yahoo.com/news/exclusive-tekscend-photomask-targets-2-022328813.html