Bain-backed Kioxia to raise $646 million in IPO

TOKYO (Reuters) – Bain Capital-backed Kioxia is to raise 100 billion yen ($645.45 million) excluding overallotment in the chipmaker’s initial public offering, according to a regulatory filing on Friday.

The IPO gives Kioxia, a major Japanese manufacturer of memory chips, a market value of about 750 billion yen.

A Bain-led consortium acquired the chipmaker from scandal-hit conglomerate Toshiba (OTC:) for 2 trillion yen in 2018.

Bain scrapped plans for an IPO of Kioxia in October after investors pushed the buyout firm to almost halve the 1.5 trillion yen valuation it was seeking, Reuters has reported.

Bain and Toshiba will sell shares in the IPO.

Kioxia is due to list on the Tokyo Stock Exchange on Dec. 18.

($1 = 154.9300 yen)