A sizable and significant initial public offering in Japan may have been pulled due to market concerns and on fears of a possible chip glut.
Kioxia Holdings, formerly Toshiba Memory, was reportedly preparing for an October Tokyo Stock Exchange listing that would have raised $500 million for an estimated $10 billion market capitalization.
Citing unnamed sources, Reuters said yesterday that the share sale has been delayed. Kyodo reported that the company was concerned about not hitting its valuation target due to low demand.
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