TOKYO :Bain-backed memory chipmaker Kioxia has scrapped its plan for an initial public offering (IPO) in October, three sources familiar with the matter said.
Bain had been targeting a market value of 1.5 trillion yen ($10.39 billion) for Kioxia but the recent sell-off in shares of its listed peers has made that pricing challenging, two of the sources said.
Shares in Micron Technology and Samsung Electronics are down roughly a third from recent highs.
Kioxia had been targeting an IPO in late October, Reuters has reported previously.
Bain declined to comment. Kioxia said it is preparing to list at the appropriate time.
($1 = 144.3200 yen)