Kioxia to expedite IPO process with new listing method

Kioxia, Japan’s leading NAND Flash manufacturer, is preparing for an Initial Public Offering (IPO) on the Tokyo Stock Exchange by June 2025, leveraging Japan’s new IPO application process to accelerate the listing.

Kioxia to expedite IPO process with new listing method

The company is aiming for a market debut between December 2024 and June 2025, with the potential for an earlier listing in December 2024, depending on market conditions. Kioxia plans to submit its securities registration statement to the Financial Services Agency on November 8th, with an estimated market valuation surpassing JPY 1 trillion (approximately USD 6.5 billion). The company is expected to be the first to utilize the newly introduced "S-1 Method," a streamlined process that allows companies to begin filing and discussing investor interest before receiving approval from the Tokyo Stock Exchange. This method reduces the time required for a public offering from about a month to just 10 days.

Change in IPO approach

Initially, Kioxia had sought to go public in October but postponed its IPO due to the downturn in the semiconductor market and challenges in securing favorable valuations. Investor pressure led Kioxia's major shareholder, U.S. investment firm Bain Capital, to lower the target valuation from JPY 1.5 trillion to around half that amount.