STJ advises KIOXIA of Japan on the largest Semiconductor IPO of 2024

2024

Transaction Highlights

• $5.2bn IPO of Kioxia: the world’s largest manufacturer of NAND Memory on the Tokyo Stock Exchange’s Prime Market
• Shareholders: Bain Capital and Toshiba
• Largest Global Semiconductor IPO of 2024
• Largest Japanese IPO of 2024
• Priced at ¥1455, Up from the indicative price of ¥1390
• Day one trading Closed up 10% at JPY1601
• First use of S-1 Method enabling finely judged pricing at each stage, continuing STJ’s pioneering application of international methods to Japan’s Capital Markets
• Stand out successful offer compared to other recent Sponsor IPOs
• $800m raised of which 40% to High Quality Global Institutional investors, balance to heavily oversubscribed retail offer
• Full coverage of the Book by Long Term Investors and high overall book cover
• Strong AI tailwinds boosting all areas of Kioxia’s business
• High conversion of Roadshow Attendees to the Book and hence to Shareholders
• STJ’s 15th IPO in the Japan market occurring on its 10 year anniversary
• STJ’s 5th IPO for Bain Capital
• Confirms STJ as the Dominant Capital Markets Advisor in Japan

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