Kioxia Weighs $10 Billion US ADR Listing Amid AI Infrastructure Boom

Kioxia, Japan's memory chipmaker, is considering raising at least $10 billion through a U.S. American Depositary Receipt (ADR) listing, potentially as early as next year.

The company has held preliminary discussions with Bank of America, Goldman Sachs, and JPMorgan Chase regarding the offering structure, although both the fundraising size and underwriting syndicate could still change.

Kioxia's rationale for a U.S. listing can be distilled into three factors: liquidity, shareholder structure, and index inclusion.

The company is seeking greater dollar-denominated liquidity through a U.S. listing, which could also qualify it for inclusion in semiconductor-focused U.S. equity indices, attracting passive fund inflows.