Chipmaker Kioxia surges 12% in Tokyo debut after jumbo IPO

Source: The Patriot Light | AWK Network | VIEW ORIGINAL POST ==>

Memory-chip maker Kioxia Holdings soared 12% in its debut on the Tokyo Stock Exchange on Wednesday, underscoring decent investor demand for new shares in Japan.

After dropping at the start of the day, shares in the company extended gains in afternoon trading, rising far above their initial public offering price and valuing the firm at ¥877 billion ($5.7 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 closed at ¥1,601, compared with its IPO price of ¥1,455.

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