Kioxia Falls Sharply After Bain Capital Plan to Sell $2 Billion in Shares

By Kosaku Narioka

Shares of Kioxia Holdings fell sharply, after Bain Capital's plan to sell more than $2 billion in the Japanese chipmaker's shares.

Kioxia's shares were recently 8.8% lower at 8,982 yen, equivalent to $57.56, on Wednesday after falling as much as 14% earlier.

Goldman Sachs said Wednesday that it would acquire 36 million shares of Kioxia from a Bain Capital entity on Friday before selling them to other investors. Goldman said it might not be able to sell the Kioxia shares immediately.

Given that there were 539.7 million shares outstanding as of the end of September, 36 million shares represent a stake of about 6.7% in Kioxia.

A group led by Bain Capital acquired the memory-chip maker from Toshiba Corp. in 2018 for about $18 billion. The company was renamed Kioxia the following year, and listed in Tokyo in 2024. The U.S. private-equity firm is Kioxia's biggest shareholder and will maintain that status after the share sale.

Kioxia's stock has surged this year, driven by rising hopes for stronger demand from artificial-intelligence applications. The stock had risen more than fivefold by mid-November from the end of August, before giving up some of those gains.

The Japanese chipmaker said earlier this month that it anticipated record-high revenue and substantial profit growth for the quarter ending Dec. 31, thanks to higher selling prices and continued strong demand from data centers.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

November 25, 2025 22:46 ET (03:46 GMT)