Kioxia Is Said to Delay Its Plan to List on Tokyo Stock Exchange


(Bloomberg) — Kioxia Holdings Corp., the memory chipmaker spun out of Toshiba Corp. in 2018, will postpone its initial public offering plan to list shares on the Tokyo Stock Exchange, according to a person familiar to the matter.



a circuit board: A Toshiba Corp. logo is seen on a controller chip in an arranged photograph in Tokyo, Japan, on Thursday, Aug. 17, 2017. Under pressure from its banks,Toshiba is racing to resolve several final disagreements withWestern Digital Corp.before it can complete a deal to sell its chips business to the U.S. company and other investorsby the end of August, according to people familiar with the matter.


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A Toshiba Corp. logo is seen on a controller chip in an arranged photograph in Tokyo, Japan, on Thursday, Aug. 17, 2017. Under pressure from its banks,Toshiba is racing to resolve several final disagreements withWestern Digital Corp.before it can complete a deal to sell its chips business to the U.S. company and other investorsby the end of August, according to people familiar with the matter.

Kioxia was scheduled to set its final pricing on Monday before a listing set on Oct. 6, the person said. The chipmaker decided to cancel the current IPO because escalating political tensions between the U.S. and China are expected to sharply weigh on its profitability, the Nikkei Business magazine reported on Sunday, without citing where it got the information.

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Kioxia and a group of investors led by Bain Capital LP plan to seek a listing on the Tokyo bourse at an appropriate time in the future, the magazine reported.

The relationship between the U.S. and China has become increasingly more contentious. The world’s two most powerful economies have clashed over trade, intellectual property, the coronavirus pandemic and national security, including an onerous new security law in Hong Kong.

Kioxia priced its initial public offering on Sept. 17 to raise as much as 306.7 billion yen ($2.9 billion). The company had planned to sell 87.63 million new and existing shares at 2,800 yen to 3,500 yen apiece in what would be the country’s biggest IPO this year. That was down sharply from an initial price of 3,960 yen proposed in August.

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