Japan’s Tokyo Metro and Rigaku on September 20 kicked off the processes to launch a combined $3.13 billion in initial public offerings (IPOs) next month, according to term sheets, as the local capital markets emerge as a global hotspot for investors, Report informs referring to The Japan Times.

Tokyo Metro will aim to raise $2.25 billion — making it 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, the term sheets showed.