Japanese memory chip maker Kioxia Holdings Corp. has announced a tentative price range for its upcoming initial public offering (IPO), aligning with its previous expectations. According to a Reuters report, the price range is set between ¥1,390 ($9.23) and ¥1,520 per share, in line with the earlier indicated price of ¥1,390 per share.
This IPO is expected to be one of Japan’s largest in 2024, following the $2.3 billion debut of Tokyo Metro Co. in October, highlighting the growing investor interest in new listings in the country. Morgan Stanley, Nomura Holdings Inc., and Bank of America Corp. are acting as joint global coordinators for the deal. The final offer price will be determined on December 9.
Kioxia, which ranks as the third-largest producer of NAND flash memory globally, relies heavily on this specific type of memory. However, this focus makes it more susceptible to market downturns compared to its competitors, Samsung Electronics Co. and SK Hynix Inc.
Kioxia’s path to an IPO has been long delayed, with the company initially scrapping plans for a public listing in October 2020. The subsequent downturn in NAND prices has hindered Kioxia’s ability to invest and expand its product offerings, putting it at a disadvantage in the highly competitive memory market.
Related topics:
US Stocks Dip as Inflation Data Raises Concerns, Dell and HP Earnings Weigh on Market
Global Earth Observation Market Poised for Rapid Growth, Set to Exceed $8 Billion by 2033
Asian Markets Show Mixed Performance as U.S. Stocks Retreat, Tech Sector Drags Down Wall Street
