Kioxia to go public in October

Kioxia is aiming for a market cap of over $10.3 billion and to raise $500 million from the offer,

The company is currently 56% owned by Bain and Hynix with Toshiba owning 41%. It is the third largest producer of NAND flash.

In 2018, a consortium led by Bain paid $18 billion for Kioxia. In August 2022, Western Digital (WD) offered $20 billion to buy Kioxia.

WD jointly owns some Japanese NAND production facilities in a jv with Kioxia from which Kioxia and WD share the output 50-50.

For several years there have been talks between Bain, Toshiba, Hynix and WD about WD merging with Kioxia but they have come to nothing.