Kioxia is preparing an American depositary receipt offering that could raise at least $10B, Bloomberg reported, putting the Japanese NAND maker in front of US investors for the first time.
The Tokyo company has held talks with Bank of America, Goldman Sachs and JPMorgan on a sale that may land next year, according to people familiar with the plan. Kioxia wants deeper US liquidity after spending billions repurchasing its own shares in Japan.
An ADR listing would follow SK hynix, which raised $26.5B through a US offering in July, still the largest new share sale on record. Memory makers are racing to fund NAND and DRAM capacity while AI demand keeps supply tight.
Timing is awkward. Kioxia shares have fallen more than 54 percent from their peak as doubts build over second-half earnings, and weekend calls from AI developers for a slower build-out weighed on the whole sector.
The company has not confirmed the plan and no mandate has been signed. Kioxia is already funding new NAND lines in Japan with SanDisk under a program worth about $31.4B.
