Kioxia's Landmark IPO Guides Bain Capital to a $5 Billion Valuation

In a significant financial achievement, Ropes & Gray, a prestigious law firm, has successfully represented Bain Capital as a selling shareholder in Kioxia Holdings Corp's initial public offering on the Tokyo Stock Exchange. Complementing the domestic offering was a concurrent international offering across various global markets, culminating in a closing on December 18. This strategic move has escalated Kioxia's market capitalization to an impressive $5 billion. Bain Capital, known as a global powerhouse in multi-asset alternative investments, maintains a controlling stake of 51.3% in Kioxia post-IPO, while Toshiba Corporation holds a 32.3% share. This IPO serves as a momentous milestone for Kioxia, formerly Toshiba's chip division, which Bain Capital's consortium acquired through a landmark leveraged buyout in 2018. This acquisition was Asia's largest-ever leveraged buyout at the time of its execution. Tsuyoshi Imai and his team at Ropes & Gray played pivotal roles in advising Bain Capital, reinforcing their stature as a key legal advisor in high-stakes global finance.