Kioxia Delays $10 Billion IPO Amid Market Decline

Kioxia Holdings Corp., a major Japanese semiconductor maker and the world's third-largest producer of NAND flash memory, has postponed its initial public offering (IPO) initially scheduled for October due to unfavorable market conditions and falling stock prices in the semiconductor sector. The company, which is backed by Bain Capital, was aiming for a market capitalization of 1.5 trillion yen but has reassessed its timing amid concerns that demand for its shares may not meet this goal. Kioxia is now targeting a potential IPO in November or December, continuing preparations for a listing while navigating a volatile market influenced by broader trends affecting competitors like Micron and Samsung. The company has previously delayed its IPO plans, including a potential listing in 2020 due to geopolitical tensions and market uncertainties. Despite strong financials, Kioxia's valuation is expected to be lower than that of its competitors, which may further complicate its IPO prospects. The semiconductor industry remains under pressure, reflecting the challenges faced by firms in this sector as they adapt to evolving market demands.