➀ Kioxia's IPO on the Tokyo Stock Exchange valued the company at $5.8 billion. The Bain-led consortium, which previously owned 56.2% of Kioxia, sold a small number of shares to reduce its holding to 50.7%. The consortium paid $18 billion for its stake in 2008. ➁ Before the IPO, other significant shareholders included Toshiba (41%) and Hoya (3%). The Japanese government bailout funds INCJ and DBJ controlled 16.7% of the voting rights. ➂ Kioxia holds a 13.8% share of the NAND market.

➀ Kioxia is set to receive approval for its listing on the Tokyo Stock Exchange at a valuation of $4.84 billion. The company's valuation has dropped sharply from its previous cancelled IPO in October, where it was seeking a valuation of $10.3 billion.➁ Kioxia has faced various offers and acquisitions over the years, including a $30 billion offer from Foxconn in 2017, a $18 billion acquisition by a Bain-led consortium in 2018, and a $20 billion offer from Western Digital in 2022.➂ The Bain consortium owns 56% of Kioxia, Toshiba owns 41%, and the Japanese government bail-out funds INCJ and DBJ control 16.7% of the voting rights.

➀ Kioxia is expected to file for an IPO on the Tokyo Stock Exchange in H1 2025 using a new listing process. The company decided not to proceed with a planned listing in October due to unfavourable market conditions. The new process allows the company to engage with potential investors before the IPO is approved, making the valuation less susceptible to market fluctuations.➁ Kioxia aims to achieve a valuation of $6.5 billion at its listing next year, down from the $10.3 billion it was seeking before the cancelled October IPO.➂ The company has a complex ownership structure with Bain consortium and Toshiba owning significant stakes, and Japanese government funds controlling a portion of the voting rights.

➀ Kioxia has filed an application to list on the Tokyo Stock Exchange with a target market cap of over $10.3 billion and aims to raise $500 million. ➁ The company is currently owned 56% by Bain and Hynix, with Toshiba holding 41%, making it the third largest producer of NAND flash. ➂ There have been ongoing discussions about a potential merger between Kioxia and Western Digital, which jointly owns some NAND production facilities with Kioxia.