Kioxia Holdings plans to raise more than $740 million in its initial public offering and list in Tokyo on Dec. 18, seeking growth capital to meet rising demand for chips used in artificial intelligence and data centers.

Bain Capital-backed Kioxia Holdings Corp. is setting its indicative IPO price at ¥1,390 per share, the latest attempt to capitalize on Japan’s stock market renewal.

Bain Capital-backed Kioxia is to raise 100 billion yen ($645.45 million) excluding overallotment in the chipmaker's initial public offering, according to a regulatory filing on Friday. The IPO gives Kioxia,

Kioxia Holdings Corp. said Friday it will list its shares on the Tokyo Stock Exchange's top-tier Prime Market on Dec. 18 in an initia

According to the prospectus released Friday, the IPO and secondary-offering prices will likely be set at 1,390 yen, for an estimated market capitalization of 750 billion yen ($4.85 billion). Kioxia will issue 21.56 million new shares, with plans to raise 27.7 billion yen after various expenses.

Formerly the semiconductor unit of Japanese engineering giant Toshiba, the company is the world's third-largest producer of NAND flash memory chips.

Private equity firm Bain Capital-backed Kioxia is being valued at about 750B yen (around $4.85B) in its proposed Japanese IPO, Reuters reported. Kioxia, which is among the world's largest makers of NAND flash memory,