Kioxia Holdings, a major NAND flash memory producer, plans to offer American Depositary Shares in the US by spring 2027. The company aims to raise between $5 billion and $10 billion through this listing, while maintaining its primary listing on the Tokyo Stock Exchange.
The company's stock value rose by approximately 800% in 2026, driven by high demand for storage in AI data centers. At one point, Kioxia became the most valuable company in Japan by market capitalization.
Kioxia went public on the Tokyo Stock Exchange in December 2024, raising approximately ¥120 billion. The new US offering is targeted for the April-to-June period in 2027, pending regulatory approvals.
For the fiscal year ending March 2026, the company reported revenue of approximately ¥2.3 trillion, representing a 37% year-over-year increase. Profit reached ¥554.5 billion, supported by enterprise storage contracts.
The memory chip industry, which includes Samsung, SK Hynix, Micron, and Kioxia, is currently investing in fabrication capacity. Building a single advanced memory factory can cost more than $10 billion.
