Kioxia, a major Japanese memory chip manufacturer, plans to raise at least $10 billion through an American Depositary Receipt (ADR) listing on the U.S. stock market, expected as early as next year, to boost the company’s liquidity.
According to a Bloomberg report on Monday, 14 September 2025 GMT+7, Kioxia is currently in discussions with several financial institutions, including Bank of America, Goldman Sachs, and JPMorgan, about its plan to offer ADRs in the U.S. market.
Kioxia’s plan to raise additional funds aims to increase liquidity, expand its investor base to the large U.S. market, and open the possibility to join stock indices focused specifically on semiconductor companies.
Previously, Kioxia invested several billion dollars in share buybacks on the Japanese market and had disclosed plans to issue ADRs to broaden its investor base, announcing that the offering would occur between April and June 2027.
However, there has been no official confirmation from Kioxia or the financial institutions reportedly involved, so details about the ADR offering, including its value and participating banks, remain subject to change.
Bloomberg views Kioxia’s attempt to list ADRs in the U.S. as seizing an opportunity amid strong investor demand for companies related to AI.
Earlier, SK Hynix, a major South Korean memory chip maker, successfully raised $26.5 billion through an ADR sale in July, marking the largest new share offering by a foreign company.
Nevertheless, Kioxia’s plan to list ADRs in the U.S. faces uncertainty, as its second-half earnings have fallen short of investor expectations and calls within the AI industry to slow investment are growing.
Kioxia’s stock price has dropped over 54% from its peak in just two months, after soaring more than eightfold in the first half of the year, making it one of the top gainers on the Nikkei index.
Analysts cite concerns about cloud providers slowing AI infrastructure investments and expectations of memory chip price declines due to increased production capacity worldwide as key pressures on Kioxia’s share price.
Additionally, warnings from major AI companies like Anthropic and OpenAI about AI risks, coupled with calls to pause technology development, have broadly affected semiconductor stocks.
If Kioxia successfully lists ADRs in the U.S., inclusion in U.S. semiconductor stock indices could boost institutional investor demand for its shares.
However, amid recent volatility in AI-related stocks, analysts believe the offering size and timing of the listing may change depending on market conditions at that time.
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