Private equity firm Bain Capital-backed Kioxia is being valued at about 750B yen (around $4.85B) in its proposed Japanese IPO, Reuters reported. Kioxia, which is among the world's largest makers of NAND flash memory,

Bain Capital-backed Kioxia Holdings Corp. is setting its indicative IPO price at ¥1,390 per share, the latest attempt to capitalize on Japan’s stock market renewal.

According to the prospectus released Friday, the IPO and secondary-offering prices will likely be set at 1,390 yen, for an estimated market capitalization of 750 billion yen ($4.85 billion). Kioxia will issue 21.56 million new shares, with plans to raise 27.7 billion yen after various expenses.

Kioxia had been expected to go public in October, emboldened by soaring demand for AI technology, but it delayed its plan following tech share routs. Its IPO, priced at 1,390 yen ($9) per share, will now take place on December 18,

Japanese chipmaker Kioxia Holdings will list on the Tokyo Stock Exchange in mid-December after a series of postponements, Nikkei has learned. The company is expected to receive listing approval from the bourse on Friday.