Bain Capital-backed Kioxia filed a registration statement on Friday, allowing the Japanese chipmaker to gauge investor interest for an upcoming initial public offering (IPO).
Kioxia’s filing signals its aim to proceed with an IPO between December and June 2025, with December as the target, according to two insiders.
Last month, Bain canceled IPO plans after investors pressured the U.S. buyout firm to nearly halve its sought valuation of 1.5 trillion yen ($9.79 billion), according to Reuters.
Kioxia is the first company to leverage new rules permitting companies to assess investor interest before seeking listing approval from the Tokyo Stock Exchange.
The chipmaker anticipates receiving bourse approval in late November, at which time it will reveal the indicative share price, insiders added. Under the new guidelines, the schedule remains flexible.
Although the Japanese stock market has experienced recent volatility, investors worldwide are reconsidering the outlook for chip companies as the U.S. transitions under Donald Trump, whose policies previously impacted global trade.
Formerly known as Toshiba Memory, Kioxia has been affected by a downturn in the memory chip market as the industry debates the sustainability of recent price recoveries.
A Bain-led consortium purchased Kioxia from scandal-ridden Toshiba six years ago for 2 trillion yen.
The chipmaker is now preparing for capacity expansion fueled by growing demand for chips in artificial intelligence applications.
