Kioxia Rides Tokyo's Chip Rally as Toshiba Trims Its Stake

Kioxia closed up 4.0% at EUR 317.20 on sector strength, as its planned US ADS listing and CEO's NAND pricing caution stay in focus.

Kioxia shares closed Friday's session at EUR 317.20, up 4.0%, as a broad advance in Japanese semiconductor and technology names lifted the memory maker alongside the Nikkei. The gain came without any fresh company announcement, underscoring how much of the stock's near-term direction is being set by sector-wide risk appetite rather than firm-specific news. Media reports counted the stock among the strongest contributors to the benchmark index's rise, with dividend-related buying adding support to the wider market.

The move extends a recovery that has been building for weeks. Measured over the year, Kioxia has added 456%, though it still trades roughly 49% below its 52-week high.

A US Listing Still in the Works

Investor attention remains fixed on the company's capital markets ambitions. In mid-September, Kioxia Holdings confirmed it is preparing a listing of American Depositary Shares on a US exchange, while cautioning that timing, venue and structure are not yet settled and that the plans could be shelved altogether. The company later clarified that reports describing the plans were not an official corporate communication, even as it acknowledged the preparatory work already under way.

According to Reuters, Kioxia is weighing a US offering that would raise at least $10 billion. Bloomberg reported on 15 September, citing people familiar with the matter, that the company is considering raising at least $10 billion through a listing of American Depositary Receipts next year. Media reports point to 2027 as a possible window, with Bank of America, Goldman Sachs and JPMorgan said to be involved in the discussions.

Ota's Restraint on NAND Pricing

On the operating side, CEO Hiroo Ota instructed sales staff roughly two weeks ago to hold off on drastic price increases for NAND flash memory with data center customers. Management's concern is that pushing prices too hard could dampen hyperscalers' willingness to invest and weaken the market's long-term growth. The caution follows a second quarter in which Kioxia's average selling price for NAND chips climbed 70% from the prior quarter.

The company also kept a product-level presence at the Tokyo Game Show, unveiling gaming storage solutions including the EXCERIA PRO G2 SSD.

Toshiba's Stake Slips to 12.84%

Behind the trading action, Kioxia's shareholder base continues to shift. A notification of significant voting rights dated 14 September showed Toshiba reducing its holding from 14.06% to 12.84%, with the reporting date for the change set at 7 September. The reduction marks another step in the gradual realignment of the company's ownership structure.

For market participants, the picture remains split. Sector momentum is providing short-term tailwind, but the medium-term outlook rests largely on whether the capital markets plans are actually executed and on how the shareholder register takes shape from here.