Japan's Tokyo Metro and Rigaku on Friday kicked off the processes to launch a combined $3.1 billion in initial public offerings (IPOs) next month, according to term sheets, as the local capital markets emerge as a global hotspot for investors.

The initial public offering of Tokyo Metro Co., one of two subway operators based in Japan’s capital, is seeking to raise around ¥319.6 billion ($2.24 billion), giving a big boost to the country’s market for new listings.

TOKYO (Reuters) -Subway operator Tokyo Metro said on Friday it plans to list on the Tokyo Stock Exchange on Oct. 23, setting the stage for what would be Japan's largest initial public offering (IPO) in about six years.