Kioxia seeks at least $10B in a US ADR listing
Business
Kioxia, a Tokyo-based memory-storage maker, is looking to raise at least $10 billion by listing in the US through American depositary receipts (ADRs).
The move comes after a big share buyback in Japan and is meant to gain more liquidity in the US.
The company is working with Bank of America Corp. Goldman Sachs Group Inc. and JPMorgan Chase & Co. and could go public as soon as next year.
Kioxia split, up to ¥800B buyback
Kioxia's plan follows SK Hynix's $26.5 billion US listing in July, showing how hot the semiconductor market is right now.
Kioxia also announced a three-for-one stock split and a buyback of up to ¥800 billion after its shares surged almost 400% this year, making it clear it wants more global investors on board.