Tokyo Metro aims to raise $2.25 billion, the largest IPO in Japan for six years, while Rigaku, the Carlyle Group-backed maker of X-ray testing tools, is targeting an IPO worth up to $888 million, according to term sheets.

The two deals, if successful in raising the targeted amount, will more than double the value of IPOs launched in Japan so far in 2024, LSEG data reports.