[News] Kioxia to Expedite IPO Process with New Listing Method, Targeting as Early as December

According to a report from MoneyDJ, Japan’s major NAND Flash manufacturer Kioxia plans to go public on the Tokyo Stock Exchange by June 2025, leveraging Japan’s newly introduced IPO application process to shorten procedural timelines.

According to the report, Kioxia aims for an IPO within the period from December 2024 to June 2025, using the “S-1 Method” introduced in October 2023 to expedite the listing process. Depending on market conditions, the company is also exploring the possibility of listing as early as December 2024.

The report indicates that Kioxia plans to submit its securities registration statement to the Financial Services Agency on November 8th, targeting a market valuation exceeding JPY 1 trillion (USD 6.5 billion).

According to the report, Japan’s traditional IPO process requires companies to get Tokyo Stock Exchange approval, then file a securities registration statement with the Financial Services Agency before setting an offering price with investors. The new “S-1 Method” allows filing and investor discussions to start before approval, cutting the time to public offering from about a month to 10 days.

According to a report in the Reuters, Kioxia is the first company to use the new rules permitting firms to gauge investor interest prior to seeking listing approval from the Tokyo Stock Exchange. The Reuters report indicates that Kioxia anticipates receiving approval from the bourse in late November, with an indicative share price to be revealed around that time.

The report in MoneyDJ mentioned that previously, Kioxia had filed for listing with the Tokyo Stock Exchange in August, with plans to go public in October. However, due to a downturn in the semiconductor market and inability to secure favorable valuations, the IPO was postponed.

According to MoneyDJ, referencing another report from Reuters, the slow recovery in the memory chip market has led investors to urge Kioxia’s major shareholder, U.S. investment firm Bain Capital, to cut the company’s IPO valuation target from JPY 1.5 trillion to nearly half that amount. This investor pressure caused Bain to drop plans for an October IPO.

Read more

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• [News] Why Is Kioxia Delaying Its IPO? Market Valuation Reportedly Half of Target

(Photo credit: Kioxia)