Kioxia, a Japan-based memory chip maker, is considering a US listing through American depositary receipts, or ADRs, that could raise at least US$10 billion as early as next year, according to people familiar with the matter.

People familiar with the matter said Kioxia has discussed the plan with Bank of America, Goldman Sachs Group, and JP Morgan Chase.

The company is seeking more liquidity in the US market after buying back shares worth several billion dollars in Japan.

CFO Yoshihiko Kawamura said at Kioxia’s annual shareholders’ meeting in June that the company planned to move forward with a US listing.

Kioxia, which rebranded from Toshiba Memory in 2019, is still backed by Bain Capital.

Kioxia’s ADRs already trade over the counter in the US under ticker KXIAY. However, a main-board ADR listing would require filings with the US Securities and Exchange Commission and could attract more institutional investors.

🔗 Source: Cailianshe

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