Kioxia Plans Tokyo Stock Exchange IPO

Kioxia Holdings Corp., backed by Bain Capital, is set to debut on the Tokyo Stock Exchange in mid-December with an indicative market value of approximately ¥750 billion ($4.84 billion). The IPO is expected to receive approval from the Tokyo bourse soon, although the final pricing may vary based on market conditions. This marks a significant turnaround after Bain had to scrap previous IPO plans due to investor pressures to reduce the company's valuation significantly. Kioxia, formerly known as Toshiba Memory, is the first company to navigate new Japanese regulations allowing pre-listing communication with investors. This IPO could provide Kioxia with essential funding in the capital-intensive memory sector while increasing scrutiny of its financial health. Morgan Stanley, Nomura, and BofA Securities are acting as joint global coordinators for the offering.