Kioxia Plans IPO Instead of Sale in Win for Japan Tech Ambitions

Kioxia Holdings Corp. plans to pursue an initial public offering instead of a sale to a foreign buyer, an important step in Japan’s efforts to build up its domestic semiconductor industry.

At a briefing Monday, the chief financial officer of Toshiba Corp., Kioxia’s former parent, said the chipmaker and Bain Capital are both now pursuing an IPO. The U.S. private equity firm has influence over Kioxia’s fate because it led a consortium that bought control of the company in 2017.

“Kioxia and Bain are both seeking an IPO of Kioxia,” said Masayoshi Hirata at a briefing in Tokyo after ...