Toshiba spinoff Kioxia set for October IPO in Japan's biggest of year

Aug 26, 2020 | News On Japan

Aug 26, 2020 (Nikkei) - Flash memory maker Kioxia Holdings will list on the Tokyo Stock Exchange as soon as October with a market capitalization projected at more than 2 trillion yen ($18.9 billion), making for the nation's biggest initial public offering of 2020.

The Tokyo Stock Exchange is expected to greenlight Kioxia's listing soon.

Kioxia, formerly Toshiba Memory Holdings, is the world's second-largest producer of NAND flash memory chips behind Samsung Electronics. Toshiba has a roughly 40% stake, with the rest held by a consortium of U.S., Japanese and South Korean investors.

Toshiba sold its memory business in 2018 to the consortium led by U.S. buyout firm Bain Capital for roughly 2 trillion yen. The deal was in response to the massive losses at U.S. nuclear power subsidiary Westinghouse Electric. The financial troubles compounded the damage sustained earlier in an accounting scandal.

Upon selling Kioxia to the consortium, Toshiba bought back the partial stake. Toshiba and Bain Capital will sell a portion of their Kioxia holdings as part of the listing.

This divestment is anticipated to come in tandem with a small issuance of new shares. Although such terms as the offering price will depend on investor demand, Kioxia is expected to attain a market capitalization of 2 trillion yen to 2.5 trillion yen.

Japan Introduces Stricter Penalties for Drunk Driving

Japan began applying a new numerical alcohol threshold for dangerous driving offenses on July 21, introducing a clearer standard for cases involving impaired driving that could lead to fatal accidents.

Japan Sets Investment Strategy

Prime Minister Sanae Takaichi's government approved its first annual basic economic and fiscal policy on Tuesday, pledging "responsible and proactive fiscal policy" and envisioning about 370 trillion yen in public- and private-sector investment in strategic industries through fiscal 2040.

Mount Fuji Filmed From a Helicopter

Breathtaking 4K footage filmed from a helicopter offers a sweeping aerial view of Mount Fuji and its majestic surrounding landscape.

Japan Scrambles for Oil

A covert network of shuttle tankers is carrying crude through the increasingly dangerous Strait of Hormuz as renewed fighting between the United States and Iran disrupts shipping and raises concerns over how Japan will secure the oil it needs.

Russia Calls Japan-Ukraine Drone Cooperation a Clear Hostile Act

Russian Deputy Foreign Minister Andrey Rudenko has criticized moves by Japanese and Ukrainian companies to cooperate on drone technology, warning that such ties would be regarded by Moscow as a "clear hostile act."

MEDIA CHANNELS

MORE Society NEWS

Police Fire Warning Shot at Knife-Wielding Woman

A police officer fired a warning shot into the air after a 42-year-old woman approached officers while pointing a kitchen knife at them on a street in Eniwa, Hokkaido, on July 17.

Armed Driver Crashes Car Into Convenience Store

A 45-year-old man was arrested early July 20 after allegedly crashing a passenger car into a convenience store in Sagamihara, Kanagawa Prefecture, and walking around the parking lot carrying a kitchen knife and a golf club.

Drunk Driver Rams Roaring Motorcycle

A 42-year-old man was arrested after allegedly driving under the influence and intentionally ramming a motorcycle in Togitsu, Nagasaki Prefecture, leaving its rider seriously injured.

Giant Tug-of-War Rope Snaps, Injuring Over a Dozen

More than a dozen people were injured after a massive rope suddenly snapped during a tug-of-war at a festival in Kitami, Hokkaido, sending participants falling backward onto an asphalt road.

Housing Complex With 70% Foreigners Introduces Fine System

A public housing complex in Aichi Prefecture where about 70% of households are occupied by foreign residents is showing signs of improvement after introducing multilingual communication, foreign-led neighborhood activities and a 3,000-yen fine for residents who skip community cleaning duties.

Old Sake Brewery Goes Up In Smoke

A fire that broke out at the long-established Echigo Tsurukame sake brewery in a densely populated residential district of Niigata City on July 19 destroyed the brewery and spread to at least six nearby homes, with firefighters still unable to declare the blaze fully extinguished by noon on July 20.

Husband and Wife Killed in Ashikaga Landslide

Two people found dead in a collapsed home following a landslide in Ashikaga, Tochigi Prefecture, have been identified as a married couple in their 60s who lived at the property, city officials said.

Bacteria on Nurse's Uniform Match Those Found in Slain Patient's Blood

Bacteria found in excrement on the uniform of a former nurse arrested on suspicion of killing a hospital patient by contaminating his intravenous drip matched bacteria detected in the victim's blood, investigators have found.

< 2 3 4 5 >