A man exits the building where the headquarters of Kioxia, the world's third-largest NAND flash memory chip maker, is located in central Tokyo on August 23, 2024.
Richard A. brooks | AFP | Getty Images
Shares of Japanese computer memory maker Kioxia rose about 10% in its Tokyo debut after the company raised just over 120 billion yen ($800 million) in its initial public offering.
Shares closed Wednesday at 1,601 yen, above the offering price of 1,455 yen per share, which represented the midpoint of the IPO price range of 1,390-1,520 yen.
Kioxia initially offered 71.8 million shares, but later exercised its allotment option to offer an additional 10.79 million shares, according to Reuters. Presentation in Japanese on Monday.
The IPO consisted of Kioxia issuing new shares, as well as the sale of shares from major shareholders Bain Capital and Toshiba.
Early Wednesday, Reuters reported that Kioxia had asked major shareholders to sell more shares to meet main market listing requirements on the Tokyo Stock Exchange.
Kioxia revealed that the percentage of shares in the market amounts to only 28.09%, that is, less than Main market requirement 35%.
Kioxia, formerly known as Toshiba Memory, was the chip division of Toshiba, and was sold to Toshiba A consortium led by Bain In 2018 for $18 billion.
The third time is the charm
This is not Kioxia's first attempt to attempt a public market listing. Back in 2020, Kioxia Postponing IPO plans It said in a statement at the time, on the basis that “continued market volatility and ongoing concerns about a second wave of the pandemic” meant it was not in shareholders’ interests to proceed with a public listing.
Reuters reported In September, Bain canceled its plan to go public in October. This is due to a broad sell-off in Japanese stocks in August, which made the 1.5 trillion yen valuation that Bain was targeting “difficult,” according to a Reuters report.
