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Breakingviews - Toshiba’s chip IPO could short-circuit

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The debut of Toshiba’s chip unit may short-circuit in volatile markets. Two years after the Japanese conglomerate's crown jewel was sold to a group led by U.S. buyout firm Bain Capital, the rebranded Kioxia will go public in Tokyo at a valuation of $20 billion.

TV Cameramen film Toshiba's flash memory factory during a media tour in Yokkaichi, western Japan September 9, 2014. REUTERS/Reiji Murai

Financial desperation forced the scandal-hit Toshiba to offload its prized flash-memory division in 2018. The sale was chaotic, but Bain managed to pull together a consortium including Apple and South Korea’s SK Hynix in a deal worth some $19 billion. Political backlash against foreign control of local technology meant Toshiba was able to retain a roughly 40% voting right.

 

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Toshiba’s chip IPO could short-circuitTwo years after the Japanese company's crown jewel was sold to a Bain-led group, the rebranded Kioxia will list at a $20 bln valuation. It offers a partial exit to the U.S. buyout firm and other backers. But aiming for a premium multiple amid choppy markets may backfire.
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