Japan’s Kioxia Puts IPO on Ice While Waiting Out Chip Downturn

Kioxia Holdings Corp. has no immediate plans to proceed with an initial public offering, as the Japanese maker of NAND memory chips grapples with a steep drop in demand.

The company, spun out of troubled industrial group Toshiba Corp., has been waiting for the right time to go public to help finance the ever-increasing capital spending required to keep pace with far bigger rival Samsung Electronics Co. and peers SK Hynix Inc. and Micron Technology Inc.