The world’s biggest maker of displays for smartphones is going public

A last-ditch attempt to revitalize Japan’s ailing display market seems to be paying off. Japan Display, a joint venture between Sony, Toshiba, and Hitachi’s former display units, is planning to raise up to $4 billion in a public offering this year, the Wall Street Journal reports. The company is a Frankenstein’s monster of display talent, made up of the display assets from the aforementioned Japanese companies, each of which were struggling to stay afloat on their own.

Japan Display, the world’s biggest maker of displays for smartphones and a key Apple supplier, is aiming to raise up to $4 billion in what would be Asia’s biggest initial public offering so far this year. The move, if successful, would represent a rare turnaround for Japan’s manufacturing industry, which has been battered by the rise of Chinese and South Korean rivals. The company has thrived by taking advantage of its manufacturing scale and focusing its resources on small and medium-size displays, despite earlier criticism that Tokyo was throwing good money after bad when it helped set up the firm in 2012. Japan Display was formed from the loss-making liquid crystal display units of Hitachi, Toshiba and Sony , with a Japanese government-backed fund pouring $2 billion into the combined entity.