TOKYO -- Toshiba's former memory business received approval Thursday for an initial public offering expected to raise less than $1 billion, a reflection of conflicting shareholder views that risk depriving the chipmaker of capital to fund future growth.
Kioxia, the world's second-largest maker of NAND flash memory, will debut Oct. 6 on the Tokyo Stock Exchange's first or second section, depending on the terms of the offering. It is expected to list at a valuation of 2.13 trillion yen ($20 billion), which would make it Japan's largest IPO this year.
