Kioxia, previously Toshiba Memory Holdings has recently announced plans for an initial public offering on the Tokyo stock exchange in October with a projected market capitalization of 19 billion USD. Kioxia is the world's second-largest manufacturer of NAND flash memory behind Samsung Electronics, the company has experienced heavy losses in recent years recording a loss of 1.6 billion USD in the previous financial year. The company is currently owned by Toshiba with a 40% stake with the rest being held by a consortium of US, Japanese, and South Korean investors. The funds raised will be directed towards growth investments and investor rewards.