Kioxia, the Japanese memory chip maker, is considering a $10 billion offering in the United States, according to people familiar with the matter. The company is working with Goldman Sachs, JPMorgan, and Bank of America on the potential secondary listing.
Kioxia completed its initial public offering on the Tokyo Stock Exchange in December 2024, raising 1.5 trillion yen (roughly $10 billion at the time). A US secondary listing would give the company access to American institutional investors and broaden its shareholder base beyond Japan. Secondary listings have become more common among major Asian companies seeking deeper liquidity and US market exposure.
The memory chip sector has drawn significant capital inflows this year. Samsung and SK Hynix, South Korea's two largest semiconductor makers, together account for roughly 43 percent of the global DRAM market. Kioxia and Western Digital, its joint-venture partner in flash memory production, compete for share in NAND flash storage, where demand has surged alongside AI infrastructure buildouts.
Kioxia's Tokyo listing valued the company at roughly 3 trillion yen in its debut. A $10 billion secondary offering would represent a material expansion of public float, though the timing and size remain subject to market conditions and final board approval. The company did not immediately respond to requests for comment.
US secondary listings by foreign companies have accelerated in the past three years as American index funds and asset managers increase their exposure to chip designers and manufacturers outside the US. A Kioxia US listing would follow similar moves by Taiwan Semiconductor Manufacturing Company and other regional players seeking dual-listed status.
The underwriters named in the arrangement are among the largest global equity capital markets advisors. No timeline for a filing or pricing has been announced. Market conditions and regulatory clearance in both Japan and the US would determine whether the offering proceeds as currently structured.
