Kioxia, a Japanese chipmaker supported by Bain Capital, has announced plans for an IPO aimed for December.

This IPO is notable as it is the first to occur under Japan’s new regulations.

These rules allow companies to interact with prospective investors before obtaining listing approval from the Tokyo Stock Exchange.

Kioxia plans to secure this approval by late November, when the indicative share price will be disclosed.

Despite obstacles in the memory chip market, Kioxia’s operating profit rose by 32% to 166 billion yen (US$1.09 billion) for the July-September period.