Apple supplier Kioxia files for IPO
Bain Capital-backed Kioxia, an Apple NAND flash supplier, filed for an IPO on Friday and sources familiar with the matter said the Japanese chipmaker was targeting December for the offering. Kioxia customers Apple orders are responsible for Kioxia’s sales in the year ended March.
Reuters:
The IPO registration marks a fresh attempt to go public. Bain scrapped plans for an IPO in October after investors pushed the U.S. buyout firm to almost halve the 1.5 trillion yen ($9.8 billion) valuation it was seeking, sources have previously said.
Kioxia’s filings indicate it aims to conduct the IPO sometime from December through June.
A Bain-led consortium acquired Kioxia from scandal-hit Toshiba six years ago for 2 trillion yen.
Kioxia, which competes with overseas rivals such as Samsung Electronics and SK Hynix, has been hammered by a downturn in the market for memory chips with the industry debating the durability of a recent recovery in prices.
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