Memory-chip maker Kioxia Holdings rose in its debut on the Tokyo Stock Exchange on Wednesday, underscoring decent investor demand for new shares in Japan.
After initially dropping, the company traded at ¥1,493, compared with its initial public offering (IPO) price of ¥1,455. That valued the firm at ¥807.5 billion ($5.3 billion), a fraction of the $18 billion that a Bain Capital-led consortium paid in 2018.
The world’s No.3 NAND maker is listing after years of complex and wide-ranging negotiations that involved Bain Capital, SK, Western Digital and the Japanese government. The company last week priced its stock at ¥1,455, at the middle of the price range it proposed before the IPO. Most deals in Japan this year that gave a price range ended up debuting above the upper limit, Japan Exchange Group data show.
IPOs in Japan have raised about ¥938 billion this year, the largest amount since 2018. While large listings including subway operator Tokyo Metro and X-ray device manufacturer Rigaku Holdings attracted investor attention, the number of deals has fallen to a decade low, according to data compiled by Bloomberg.
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