Tekscend Photomask priced its IPO at 3,000 yen (US$20) per share, hitting the upper limit of its marketed range in Japan’s second-largest listing of 2025.

The semiconductor material maker raised 156.6 billion yen (US$1.04 billion), according to a regulatory filing.

Tekscend was spun out from Toppan Holdings in 2022, with private equity firm Integral Corp. holding a 49.9% stake.

The listing follows JX Advanced Metals’ IPO in March, the largest in Japan this year.

Japan’s IPO market has slowed compared to last year, with companies and shareholders raising 649 billion yen (US$4.33 billion) so far in 2025, excluding Tekscend’s offering.

🔗 Source: Bloomberg