Kioxia Eyes At Least $10 Billion US ADR Listing for 2027, Following SK Hynix in Tapping American AI Memory Investor Demand

Japan's Kioxia Holdings is considering raising at least $10 billion through an American Depositary Receipts listing as early as 2027, according to people familiar with the matter reported by Bloomberg on September 14. The Tokyo-based memory storage maker has held discussions with Bank of America, Goldman Sachs and JPMorgan on a potential offering. Kioxia confirmed on September 15 that it is preparing to list ADRs on a US stock exchange to steadily and sustainably increase corporate value, but said timing and structure have yet to be decided. The company is seeking to gain more liquidity in the US after repurchasing billions of dollars worth of shares in Japan, and selling ADRs could allow Kioxia to join semiconductor-focused stock indices. Kioxia would become the second major foreign memory company to list in the United States following South Korea's SK Hynix, which raised $26.5 billion through a Nasdaq ADR offering in July 2026, the biggest US share sale by a foreign company. Considerations are preliminary and details including the size of the share sale and bank lineup may change. The move follows a volatile 2026 for Kioxia shares, which have jumped nearly 400 percent this year following a three-for-one split and a share buyback authorization of up to 800 billion yen or $5.2 billion, but have since experienced a notable pullback amid sector uncertainty. Kioxia benefits from AI-driven data center storage demand, with top clients including Apple, Microsoft and Google all committed to continued spending.