Bain-backed memory chipmaker Kioxia launches $3.6 billion IPO

TOKYO: Kioxia Holdings, the world’s second-largest maker of flash memory chips, will list on the Tokyo Stock Exchange on Oct. 6 in an initial public offering worth up to $3.6 billion, a regulatory filing showed on Thursday.

The listing would be Japan’s biggest IPO this year and allow a partial exit by U.S. private equity firm Bain Capital, which led a consortium that bought the former unit of Toshiba Corp in 2018.

Kioxia, formerly known as Toshiba Memory, will offer up to 95.5 million shares in the IPO, including an overallotment in the event of exceptional demand, the filing with the Ministry of Finance showed.