Kioxia has announced plans for a US initial public offering. The NAND flash memory maker disclosed the move alongside its latest financial results.
Record profit driven by NAND recovery
The company posted a record operating profit of 596.8 billion yen in the quarter ending March 31. Revenue reached 1.0029 trillion yen, a 459.2% increase quarter-over-quarter. Sales from its SSD and Storage division hit 600.3 billion yen, up nearly 300% from the previous quarter.
Kioxia's strong financial performance comes amid a recovery in the NAND flash market. The company is one of the world's largest producers of NAND memory, competing with Samsung and SK hynix.
Kioxia has not confirmed the timing or size of the US IPO. The company's plans remain subject to market conditions and regulatory approvals.
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