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.

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.

Japanese major subway operator Tokyo Metro Co. said Friday it will be listed on the Tokyo Stock Exchange's top-tier Prime Market on O