Bain Capital is pushing forward with the restart of Kioxia's IPO, expecting to raise $500 million.

According to sources familiar with the matter, Bain Capital is actively pushing forward the restart plan of chip manufacturer Kioxia Holdings Corp.'s initial public offering (IPO), with an expected fundraising size of around $500 million. It is reported that Bain Capital is closely cooperating with multiple investment banks in hopes of relaunching this Japanese NAND flash memory business company to the capital market. Due to the sensitivity of the information, the sources chose to remain anonymous. Sources reveal that Kioxia may initiate its IPO process in the next few weeks. However, the specific details of the IPO are still under discussion and may be adjusted based on changes in the market environment. Representatives from Bain Capital have not commented on this news. Earlier reports indicated that Kioxia had applied for an IPO in October, with an estimated valuation of over 1.5 trillion yen (approximately $103 billion). Data shows that Kioxia's IPO size will reach $500 million, making it the largest IPO in Japan since semiconductor equipment company Kokusai Electric Corp., supported by KKR & Co. last October, went public with $1.5 billion. It is worth noting that since going public, Kokusai Electric's stock price has doubled. Andrew Jackson, Japan stock strategist at Ortus Advisors, believes that now is the perfect time for an IPO. He pointed out that the outlook for the memory industry and its peers is very optimistic. Jackson said, "I believe this IPO will perform well. Of course, it depends on the final pricing, but the outlook for the memory market is very bright, and I advise my clients to buy as much as possible." In 2018, Bain Capital led an investor group to acquire Kioxia from Toshiba for $18 billion. Previously, the company had also considered going public. This new attempt to sell Kioxia shares may be aimed at obtaining better market conditions and investor interest, amid an increasing number of listed companies in the Japanese semiconductor industry. Last year, merger talks between Kioxia and Western Digital experienced multiple setbacks and ultimately did not reach an agreement. Japan's benchmark Nikkei 225 index has already risen nearly 15% this year, indicating confidence in the semiconductor industry. As Kioxia's IPO plan progresses, investors are closely monitoring this event that could become another significant milestone in the Japanese capital market.