Kioxia files for Tokyo IPO in October
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By
Peter Clarke
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Japanese memory chip maker Kioxia has filed to list on the Tokyo Stock Exchange. The IPO could take place as soon as October, according to reports.
Kioxia, previously Toshiba Memory, was sold to a private equity consortium led by Bain Capital for $18 billion and changed its name to Kioxia in 2018. The IPO is set to raise at least US$500 million and could value Kioxia at US$10 billion.
The Bain consortium sought to merge Kioxia with Western Digital but the deal was opposed by SK Hynix and dropped in October 2023.
Memory companies suffered from weak demand and falling prices during 2020 to 2023 but is undergoing a strong rebound due excitement over AI and Bain is eager to take advantage of the positive outlook, reports said.
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