Kioxia to Put Off October IPO

Tokyo, Sept. 25 (Jiji Press)--Japanese semiconductor maker Kioxia Holdings Corp. plans to postpone its initial public offering from October, people familiar with the matter said Tuesday.

The move apparently comes as the company is unlikely to achieve its goal of 1.5 trillion yen in market capitalization if it goes public next month because of falling stock prices.

Kioxia is still aiming for an early IPO.

The company last month applied for approval for stock listing on the Tokyo Stock Exchange as part of efforts to raise funds to meet growing demand for memory chips for use in data centers.

Kioxia, a former spinoff of Toshiba Corp., initially planned to go public in 2020 but the timing has been delayed due to the impact of trade tensions between the United States and China.

[Copyright The Jiji Press, Ltd.]