Kioxia Holdings Corp.’s shares dived more than 14% after a Bain Capital-backed entity unloaded $2.1 billion of shares in the Japanese memory chipmaker at a discount, stoking concerns about the lofty valuations of global AI-related firms.
BCPE Pangea Cayman LP sold 36 million shares to overseas investors at ¥9,000 apiece, almost a 9% discount to Tuesday’s closing price, according to a term sheet reviewed by Bloomberg News. Bain, which led a consortium that took control of Kioxia via an $18 billion deal in 2018, still retains a major slice of the Japanese Nand flash memory chipmaker.
The deal ...
