Hoosiers Holdings prices share sale at 1,248.8 yen/share

Hoosiers Holdings prices share sale at 1,248.8 yen/share

Tekscend Photomask, a Japanese manufacturer of photomasks for chipmaking, is set to go public with a targeted valuation of 300 billion yen ($2 billion), 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 early as late September [1].

The initial public offering (IPO) will include the sale of both new and existing shares, with Integral, a private equity firm, selling its stake in the company. Integral holds 49.9% of the business, while Toppan has a 50.1% stake [1]. The IPO follows chipmaker Kioxia's recent listing, which allowed the company to communicate with potential investors before receiving listing approval from the Tokyo bourse [1].

The IPO comes at a time when Japan has seen fewer IPOs year-to-date than any year since 2014, according to LSEG data. However, the market has been buoyed by the IPO of JX Advanced Metals in March, the largest offering since SoftBank's IPO in 2019 [1].

The lead underwriters on the Tekscend Photomask IPO are Bank of America, Nomura, SMBC Nikko, and Morgan Stanley MUFG Securities. The specific schedule for the IPO has not been decided, but Toppan and Tekscend Photomask are currently preparing for the event [1].

References:
[1] Reuters. (2025). Tekscend Photomask targets $2 billion valuation in Japan IPO. Retrieved from https://www.tradingview.com/news/reuters.com,2025:newsml_L1N3UI02P:0-tekscend-photomask-targets-2-billion-valuation-in-japan-ipo-sources-say/