Kioxia plans leap to the Tokyo Stock Exchange

The Japanese memory chip manufacturer Kioxia Holdings Corp. will debut on the Prime Market of the Tokyo Stock Exchange on Wednesday. The company is presenting itself to investors after its shares did not trade at the upper end of the proposed price range in its initial public offering. As the world's third-largest producer of NAND chips, Kioxia's IPO is the result of years of complex negotiations. These involved renowned players such as Bain Capital, SK Inc., Western Digital Corp., and the Japanese government. Last week, the company's stock price was set at ¥1,455 (approximately $9.50), corresponding to the mid-value of the previously announced price range. According to data from the Japan Exchange Group Inc., most IPOs announced within a price range in Japan this year were ultimately above the upper limit of the range.