Kioxia set to list in U.S.

Kioxia Holdings said on May 15 that it is preparing to list American depositary shares on a U.S. stock exchange, adding a potential second market less than five months after the Japanese memory-chip maker debuted in Tokyo. The company said the plan is intended to broaden its investor base and lift corporate value, but it did not name an exchange, give a timetable or set out a listing structure. Kioxia also said the effort is subject to regulatory approvals and could still be abandoned. The disclosure drew fresh attention on May 19 after a social-media post recirculated the company’s filing. ### Did Kioxia actually announce a U.S. listing, or is this only a social-media rumor? Kioxia made the disclosure itself in a May 15 filing posted on its investor-relations site. In that notice, the company said it is preparing to list American depositary shares, or ADSs, representing its common shares on a U.S. stock exchange. (tdnet-pdf.kabutan.jp) The May 19 X post did not break new facts. The company’s own filing already said the plan was under preparation and that details had not been finalized. ### What exactly did the company say is still undecided? The May 15 notice said the schedule, listing market and listing method “have not yet been decided.” Kioxia also said it may decide not to continue pursuing the listing depending on circumstances during the preparation process. (tdnet-pdf.kabutan.jp) MarketWatch, citing the company’s statement, likewise reported that Kioxia had not decided when to list or on which U.S. exchange. (tdnet-pdf.kabutan.jp) ### Why is Kioxia using ADSs? Kioxia said the ADS plan is meant to “grow its investor base and increase its corporate value.” ADSs are the form many foreign companies use to make their shares trade in the United States through depositary banks rather than by shifting their primary listing. (tdnet-pdf.kabutan.jp) Taipei Times, citing Bloomberg, reported that Kioxia already has depositary receipts and that ADSs would make the underlying shares available for trading in a way that could improve liquidity. (marketwatch.com) That characterization came from the Bloomberg report, not from Kioxia’s filing itself. ### How recent is this move relative to Kioxia’s Tokyo listing? (tdnet-pdf.kabutan.jp) Kioxia completed its Tokyo Stock Exchange Prime Market listing on Dec. 18, 2024, according to the company. Its investor-relations page shows the stock trading on the TSE Prime market under code 285A, with a May 19 closing price of 49,770 yen. Asahi reported that the Tokyo debut was Japan’s second-largest IPO of 2024. (taipeitimes.com) ### What is happening at the company as it explores the U.S. market? Kioxia paired the U.S.-listing notice with annual results released on May 15. The company’s filing for the fiscal year ended March 31, 2025 showed revenue of 1.706 trillion yen and profit attributable to owners of parent of 272.3 billion yen. (kioxia-holdings.com) Bloomberg reported on May 15 that Kioxia was pursuing the U.S. move as memory prices and AI-related demand lifted earnings. (asahi.com) That report also said the company forecast operating profit of 1.3 trillion yen for the quarter ending in June. ### What should investors watch next? (tdnet-pdf.kabutan.jp) Kioxia said it will make further announcements “as necessary going forward.” The next concrete disclosures to watch are any filing naming the exchange, timetable, ADS ratio or underwriting structure, all of which were left open in the May 15 notice. (tdnet-pdf.kabutan.jp) (bloomberg.com)