Exclusive-Bain sought $10 billion valuation for Japan's Kioxia, investors only wanted to pay half

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Exclusive-Bain sought $10 billion valuation for Japan's Kioxia, investors only wanted to pay half - Channel News Asia

Quick Summary:

TOKYO : Investors pushed Bain Capital to almost halve the valuation it was seeking for Japan's Kioxia in an IPO, leading the U.S.buyout firm to scrap its plans for an October listing of the memory chipmaker, two sources said.

"Private equity usually does not buy semiconductor companies, because capital needs are high, and finessing the timing of exit is hard given the industry cycle," said Damian Thong, head of Japan research at Macquarie Capital Securities.

"It would be reasonable to have Kioxia IPO at a lower valuation first, and let the true value be discovered as it rerates in the market," said Macquarie's Thong.