Bain Capital-backed chipmaker Kioxia has raised 120 billion yen ($800 million) through its initial public offering (IPO) after pricing shares in the middle of its marketed range, according to a securities filing on Monday. The IPO, which includes an overallotment, values the company at 784 billion yen. Shares are set to trade at 1,455 yen each, within the pre-set range of 1,390 to 1,520 yen per share.
Kioxia, a major player in the memory chip industry, plans to issue new shares as part of the IPO, contributing 31 billion yen to the raised amount. Bain Capital and Toshiba will also sell shares during the offering, as noted in the filing. The listing is scheduled for December 18 on the Tokyo Stock Exchange.
This IPO marks a long-awaited milestone for Kioxia. Bain Capital, which acquired the chipmaker from Toshiba in 2018 for 2 trillion yen, previously postponed plans to list the company. The latest delay occurred in October when investors pushed back against a proposed valuation of 1.5 trillion yen, prompting Bain to recalibrate its expectations.
Kioxia’s $800 million IPO signals a cautious approach after previous delays and valuation adjustments. Pricing in the mid-range reflects efforts to balance investor sentiment while highlighting challenges in the competitive chip market. Its success will test confidence in Japan’s semiconductor sector amid economic uncertainties.
