Kioxia Eyes $10 Billion US Listing via ADRs, Report Says

Japanese semiconductor firm Kioxia Holdings is exploring a U.S. stock market listing that could raise at least $10 billion, according to a Bloomberg News report citing people familiar with the matter. The potential offering would be structured as a sale of American Depositary Receipts (ADRs) and could occur as early as next year.

The Potential Offering

The Tokyo-based company has reportedly engaged in preliminary discussions with several major banks, including Bank of America, Goldman Sachs, and JPMorgan, regarding the potential U.S. offering. The report suggests the move is being considered for 2027, following a significant share repurchase program in its home market of Japan.

Reuters noted that it could not independently verify the report. Kioxia and the named banks did not immediately respond to requests for comment outside of regular business hours.

Strategic Rationale

A U.S. listing would align with Kioxia's previously stated goals. The primary motivations for seeking a U.S. investor base include:

Ad

• Increasing its trading liquidity in the United States.
• Broadening its base of international investors.
• Potentially qualifying for inclusion in a U.S.-based semiconductor stock index.

This strategy follows a statement from Kioxia in May, where the company confirmed it was preparing for an ADR listing to expand its shareholder profile.

Market Context

Kioxia's reported move comes as a number of Asian technology and semiconductor companies are looking to tap into the deep capital pools of the U.S. markets. This trend persists even amid recent market volatility for artificial intelligence-related stocks, which have faced some headwinds after industry leaders called for a more cautious approach to the technology's development.