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Toshiba and Bain Capital divest portions of their Kioxia holdings
Wednesday, March 25, 2026 at 09:06 AM
Toshiba and Bain Capital have reportedly begun selling down portions of their respective stakes in Kioxia Holdings. This move marks a significant shift in the ownership structure of the major NAND flash memory producer as it navigates potential IPO or merger scenarios.
Context
On March 25, 2026, Toshiba and Bain Capital announced the divestment of portions of their holdings in Kioxia Holdings, the world's second-largest flash memory manufacturer. This move follows Kioxia's successful December 2024 IPO on the Tokyo Stock Exchange Prime Market, which was awarded IPO of the Year for its innovative pricing and strong aftermarket performance. Toshiba, which previously held a 40.2% stake, is executing its long-standing strategy to monetize its memory business assets and return a majority of the proceeds to its shareholders.
The timing of the sale coincides with a projected surge in NAND demand, with nearly 50% of the market expected to be AI-related by 2029. Kioxia is currently scaling its next-generation PCIe 5.0 SSDs and the K2 production facility in Kitakami to capture this growth. For investors, this divestment marks a critical phase in Toshiba's restructuring and highlights Kioxia's transition into a fully independent public entity capable of self-funding its capital-intensive 3D NAND technology roadmap.
Sources (8)
wdc-20240628 - SEC.govKioxia Holdings Corporation Wins IPO of the Year Award in the Equity Category at the DealWatch Awards 2024 | KIOXIA Holdings CorporationToshiba plans to sell down Kioxia stake, return much of proceeds to shareholders | ReutersSeptember 28, 202018.3 billion US dollars! Kioxia plans to invest heavily in building a 3D NAND factory-EEWORLDSeptember 28, 2017 Toshiba Corporation FOR ...News | KIOXIA - United States (English)Week 50 Tech Roundup – React2Shell Exploits, Crucial Brand Discontinued, NAND Shortage, Kioxia PCIe 5.0, Seagate 7TB HAMR, Proxmox 4.1 – NAS Compares
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