Japan's Kioxia to Go Public in Mid-Dec.

Tokyo, Nov. 21 (Jiji Press)--Japanese flash memory maker Kioxia Holdings Corp. will go public on the Tokyo Stock Exchange in mid-December, it was learned Thursday.

The company is expected to have a market capitalization of some 750 billion yen. The TSE is to approve Kioxia's listing as early as Friday.

Amid the spreading use of artificial intelligence, the company believes that demand for cutting-edge flash memory for data centers will rise.

Kioxia will use the funds raised by the initial public offering, projected to be up to 99.1 billion yen, to invest in facilities related to cutting-edge flash memory for AI. Though its market capitalization is likely to be far smaller than initial expectations of around 1.5 trillion yen, the company hopes to boost its corporate value through increased production investments.

Kioxia, previously called Toshiba Memory Corp., filed for stock listing approval with the TSE in August this year, aiming to go public in October, but it put off doing so due to the sluggish market.

[Copyright The Jiji Press, Ltd.]