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Technology

Investor interests crimp Toshiba spinoff's IPO ambitions

Kioxia seen raising just $800m in debut as top shareholder fears dilution

Kioxia, formerly Toshiba Memory, is preparing to go public after being spun off from Japanese industrial group Toshiba. (Photo courtesy of the company)

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.

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