SK Hynix's indirectly invested Japanese memory semiconductor NAND flash manufacturer Kioxia Holdings (formerly Toshiba Memory) will be listed on the Tokyo Stock Exchange on the 18th of next month.
According to Kyodo News and Nihon Keizai Shimbun (Nikkei) on the 22nd, Kioxia Holdings announced that it had received approval for listing from the Tokyo Stock Exchange on that day. The expected market capitalization is approximately 750 billion yen (about 6.8 trillion KRW).
Kioxia will raise about 27.7 billion yen (about 250 billion KRW). Nikkei reported, "After the listing, SK Hynix may acquire additional shares of Kioxia, so future movements by SK are attracting attention," adding, "SK can hold up to about 15% of voting rights until 2028, and after that, it can expand its investment."
Earlier, Kioxia applied for listing on the Tokyo Stock Exchange in August and initially aimed for an October listing. However, due to the weak semiconductor stock market, it was judged that the market capitalization after listing would not reach the targeted amount, so the timing was postponed. On the 8th of this month, Kioxia used the "pre-approval submission method" for the first time, submitting a securities report to the Financial Services Agency before receiving listing approval from the Tokyo Stock Exchange.
Kioxia was established in April 2017 as an independent spin-off of Toshiba's semiconductor memory business and changed its name to the current one in October 2019. Kioxia is funded 56% by a Korea-US-Japan consortium including Bain Capital, and 41% by Toshiba. SK Hynix invested about 4 trillion KRW in this consortium in 2018.
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