Story perspectives

Kioxia weighs $10 billion U.S. ADR listing next year

By Drooid · Sep 15, 2026, 6:11 AM UTC · How we work

Summary

Kioxia Weighs $10B ADR

Kioxia Holdings is weighing a $10 billion U.S. ADR listing.
It has spoken to Bank of America, Goldman Sachs and JPMorgan about a next-year offering.
The ADR could boost U.S. liquidity and add Kioxia to semiconductor indices.
If completed, it would rank among the largest U.S. listings by a Japanese firm after SK Hynix’s $26.5 billion record.
Kioxia topped Japan’s market cap on 12 June 2026, exceeding ¥44 trillion ($274 billion).

Summary

SK Hynix Seeks Stake

SK Hynix holds convertible bonds that could convert into a 14.19% voting stake in Kioxia.
Conversion requires Japanese government approval because it would give a foreign entity voting control.
Kioxia CEO Hiroo Ota rejected SK Hynix’s manufacturing partnership, citing SanDisk joint-venture limits.
SanDisk joint production accounts for about 80% of Kioxia’s capacity, blocking third-party manufacturing until 2034.

History

Historical Context

Sony's 1995 $2.5 billion ADR, underwritten by Morgan Stanley and Goldman Sachs, sold 12 million ADRs and proved the first major Japanese electronics firm to tap U.S. capital markets. That precedent opened the door for later Japanese tech listings, and today Kioxia is pursuing a $10 billion ADR with Bank of America, Goldman Sachs and JPMorgan, echoing Sony's breakthrough.

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Kioxia Weighs $10B ADR

Kioxia Holdings is weighing a $10 billion U.S. ADR listing.
It has spoken to Bank of America, Goldman Sachs and JPMorgan about a next-year offering.
The ADR could boost U.S. liquidity and add Kioxia to semiconductor indices.
If completed, it would rank among the largest U.S. listings by a Japanese firm after SK Hynix’s $26.5 billion record.
Kioxia topped Japan’s market cap on 12 June 2026, exceeding ¥44 trillion ($274 billion).

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