Japan chip tool maker Kokusai Electric raised $724.4 million after pricing its shares at the top of their marketed range in the country’s most extensive initial public offering in five years. The offering by the maker of machines that deposit thin films on semiconductor wafers was upsized and priced at 1,840 yen per share, according to a filing on Monday. That valued the company at 423.9 billion yen ($2.8 billion). The portion of the IPO available to foreign investors was over ten times oversubscribed, said two sources with direct knowledge of the matter.

The IPO was one of the most active in Tokyo this year and comes amid a rebound in new issue market activity that has seen the Topix share index close at multi-decade highs. The broader market has been driven by a strong economy and ultralow interest rates, encouraging private equity firms to invest in Japanese companies.

American private equity firm KKR (KKR.N) is expected to take Hitachi (HTHIY.T) Kokusai Electric public on the Tokyo Stock Exchange by year-end in a deal that would be Tokyo’s most extensive listing since 2018, as KKR pushes ahead with its strategy to consolidate and streamline the chip equipment manufacturer’s operations. KKR is proposing a valuation of $2.7 billion for the company, which is about 60% higher than what it paid to acquire it from the Japanese conglomerate in 2017.

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Kokusai’s revision of its indicative IPO price range last week to 1,830-1,840 yen per share was the latest in a series of adjustments to that guidance by companies listed on the Tokyo Stock Exchange. The revisions often reflect the investment decisions of institutional investors, who play an essential role in IPO pricing.

KKR, which owns most of the company, is selling 58.8 million shares in the IPO. The offer, which will raise about 4.8 trillion yen ($461 million), represents a 1.9 percent stake in Kokusai. Employees and other shareholders hold the remainder of the company.

KKR’s decision to list the company is a significant victory for Japan, which has suffered from a weakening IPO market in recent years. The global private equity firm has invested in Japan through its pan-regional private equity funds for over a decade. It aims to tap the country’s robust chip manufacturing sector and attract more foreign investments, as capital costs become increasingly expensive in the United States and Europe but remain relatively low in Japan due to its ultra-loose monetary policy. The company’s IPO was the first in the nation’s new issue market since the bank sale of a significant financial services provider in May. The market is expected to pick up in the fall, traditionally a busy period for new issues in Japan.