Kioxia Weighs US Listing to Raise at Least USD 10 Billion

Kioxia Holdings is considering a US listing to raise at least USD 10 billion, equivalent to about HKD 78 billion. The company is in talks with Bank of America, Goldman Sachs and JPMorgan on arrangements for the offering. Kioxia is seeking greater liquidity in the United States.

Kioxia plans to list in the United States through the issuance of American Depositary Receipts, and to use the listing to join semiconductor-focused equity indexes. The company has previously announced plans to issue ADRs in spring 2027 and has not disclosed further details. It hopes to gain additional liquidity from a US listing after repurchasing billions of dollars of shares in the Japanese market.

Kioxia is the world's leading NAND flash memory maker. Driven by AI storage demand, its Tokyo-listed shares have risen more than 410% so far in 2026, lifting its market value to about USD 180 billion. In July 2026, South Korean memory chip company SK Hynix completed a US listing, raising USD 26.5 billion, a record for a foreign company's initial share sale in the United States. In 2026, Kioxia carried out a stock split in the Japanese market and launched a buyback program of up to JPY 800 billion, having already repurchased billions of dollars of shares, in order to broaden its shareholder base and increase its free float.