Chipmaker Kioxia Rises 10% in Tokyo Debut After Jumbo IPO
- Japanese firms doing biggest amount of IPOs since 2018
- Kioxia’s gains reflect recovery hopes: Asset Management One
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Memory-chip maker Kioxia Holdings Corp. climbed 10% in its debut on the Tokyo Stock Exchange on Wednesday, underscoring strong investor demand for new shares in Japan.
After dropping at the start of the day, the company extended gains in afternoon trading, rising far above its initial public offering price and valuing the firm at about ¥863 billion ($5.6 billion). That’s still a fraction of the $18 billion that a Bain Capital-led consortium forked over in 2018 to acquire it. Kioxia’s shares are trading at ¥1,601, compared with its IPO price of ¥1,455.