Investors pushed Bain Capital to almost halve the valuation it was seeking for Japan's Kioxia in an initial public offering (IPO), leading the U.S. buyout firm to scrap its plans for an October listing of the memory chipmaker, two sources said.
Kioxia, known as Toshiba Memory when it was acquired from Toshiba by a Bain-led consortium in 2018 for ¥2 trillion ($13.4 billion), ditched the October IPO plan, it was reported last month, citing sources.
That decision came after global investors wanted a market value of around ¥800 billion for the chipmaker, said the two sources, compared to Bain's target of ¥1.5 trillion.
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