Anderson Mori & Tomotsune and Mori Hamada & Matsumoto are, alongside Davis Polk & Wardwell and Simpson Thacher & Bartlett, advising on Japanese memory chipmaker Kioxia Holdings Corporation’s JPY750 billion (USD4.8 billion) initial public offering on the Tokyo Stock Exchange (TSE) approved on 22 November.
Previously managed by Japanese conglomerate Toshiba, the now independent Japanese memory chipmaker plans a TSE listing debut in mid-December this year at a market value of USD4.8 billion, Reuters and Bloomberg reported on 21 November.
Kioxia is seeking legal advice for the international offering from Mori Hamada in Japanese law, and Simpson Thacher in New York state law and US federal securities law, according to a preliminary offering circular filed with the Kanto Local Finance Bureau on 8 November. Mori Hamada partner Katsumasa Suzuki is leading his firm’s team advising Kioxia.
On the other hand, Anderson Mori is advising the international managers – Morgan Stanley & Co International, Nomura International and Merrill Lynch International – in Japanese law, with Davis Polk acting as US law counsel.
Kioxia, of which US global private investment firm Bain Capital holds 56%, was first given approval to list on the TSE in 2020, but postponed it citing “continued market volatility and ongoing concerns about a second wave of the pandemic”.
