Japan’s Kioxia prices IPO in middle of range, raising $800 million

TOKYO (Reuters) -Bain Capital-backed chipmaker Kioxia’s initial public offering has raised 120 billion yen ($800 million) including an overallotment after shares were priced in the middle of their marketed range, according to a securities filing on Monday.

Kioxia, a major manufacturer of memory chips, set its IPO price at 1,455 yen per share, the filing said. This values the company at 784 billion yen.

Kioxia had set a tentative price range of 1,390 to 1,520 yen per share.

Bain Capital and Toshiba (OTC:TOSYY) will sell shares as part of the IPO and Kioxia will separately issue new shares, raising 31 billion yen, according to the filing.

Bain Capital scrapped plans for an IPO of Kioxia in October after investors pushed the buyout firm to almost halve the 1.5 trillion yen valuation it was seeking, Reuters has reported.

The buyout firm postponed a previous IPO plan for Kioxia four years ago.

A Bain-led consortium acquired the chipmaker from scandal-hit conglomerate Toshiba for 2 trillion yen in 2018.

Kioxia is due to list on the Tokyo Stock Exchange on Dec. 18.

($1 = 150.0500 yen)