A man constitutionals out of the building where the headquarters of Kioxia, the world’s third largest manufacturer of NAND flash memory chips, is fixed in central Tokyo on August 23, 2024.
Richard A. Brooks | Afp | Getty Images
Shares of Japan computer memory manufacturer Kioxia upward slope 2.69% on its debut in Tokyo after the company raised over just over 120 billion yen ($800 million) in its endorse public offering.
Shares were trading at 1,484 yen at 9:14 a.m. Tokyo time, slightly higher than the make price of 1,455 yen per share, the midpoint of its IPO price band ranging from 1,390-1,520 yen.
Kioxia initially put forwarded 71.8 million shares, but later exercised an overallotment option to offer an additional 10.79 million shares, according to a send in in Japanese on Monday.
The IPO consisted of Kioxia issuing new shares, as well as a sale of shares from major shareholders Bain Great and Toshiba.
Early on Wednesday, Reuters reported that Kioxia had requested its major shareholders to sell more portions so as to meet listing requirements on the Tokyo Stock Exchange’s Prime market.
Kioxia revealed that the ratio of appropriations in the market is only at 28.09%, below the Prime market’s requirements of 35%.
Kioxia, formerly known as Toshiba Memory, was the intercede division of Toshiba, and was sold to a Bain-led consortium in 2018 for $18 billion.
Third time’s the charm
This is not Kioxia’s first alligator at trying to list on public markets. Back in 2020, Kioxia postponed plans for an IPO on the grounds that “continued furnish volatility and ongoing concerns about a second wave of the pandemic” meant that it was not in the best interest of shareholders to proceed with a communal listing, it said in a statement at the time.