"Kioxia to Pursue Listing on Japanese Stock Market as Early as September"

Kyodo News Report

The building of Toshiba Memory, the predecessor of Kioxia [Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] Reports have emerged that Kioxia, a Japanese semiconductor company and the predecessor of Toshiba Memory, is planning an initial public offering (IPO) on the Japanese stock market as early as September.

Kyodo News, citing sources, reported on the 30th that "Kioxia is expected to submit its listing application to the Tokyo Stock Exchange in July."

Kioxia had previously planned to go public last year but postponed the IPO in September, just one month before the target date, citing market volatility and other reasons.

Kioxia manufactures NAND flash memory semiconductors used in smartphones and computer servers. It was originally a business unit of Toshiba in Japan. Later, it spun off as an independent company and was sold in 2018 to a Korea-US-Japan consortium including SK Hynix and Bain Capital for $18 billion.

Even after the sale, Toshiba still holds about 40% of Kioxia's shares and plans to reduce its stake in the future. It is reported that most of the funds secured through this will be returned to Toshiba shareholders via dividends and other means.

Kioxia recorded sales of 1.18 trillion yen in the fiscal year ending last March, an increase of 19.4% compared to the previous year. The net loss was 24.5 billion yen, down from 1.18 trillion yen in the previous year.

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