Kioxia, the Japanese memory-chip maker formerly known as Toshiba Memory, plans to list its shares on 6 October and estimates its value at USD 20 billion, the Wall Street Journal reported. The company was acquired by a Bain Capital-led consortium in 2018 for USD 18 billion and rebranded to Kioxia last summer. Toshiba sold the operations to raise money and fill in other losses, namely at its nuclear power unit in the US. The company did keep a 40 percent stake in the memory-chip maker.
For the IPO, Bain and Toshiba will both sell part of their stakes, and Kioxia will issue 21.6 million new shares, adding to the 517.5 million outstanding ordinary shares as of 27 August, the Tokyo Stock Exchange said. Kioxia said its initial estimate of the offering price was JPY 3,960 per share, which would value the company at JPY 2.13 trillion, or USD 20.1 billion. It said the offering price would be determined on 28 September after IPO managers gauge investor interest.
Kioxia reported second quarter net profit of JPY 1.7 billion, on revenues of JPY 267.5 billion.
