Shares in Japan chipmaker Kioxia jump 10% on Tokyo debut [Video]

Shares in Japanese chipmaker Kioxia closed 10 percent higher in Tokyo on Wednesday after an initial public offering that valued the firm at more than $5 billion.

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

It was acquired by US investment firm Bain Capital in 2018.

Memory chips are used in everyday devices such as smartphones and storage drives, as well as in industrial and medical equipment, but their prices are notoriously volatile.

Global demand for the chips has been driven by the growth of generative artificial intelligence technology, such as that used in OpenAI’s popular chatbot ChatGPT.

Kioxia had been expected to go public in October, emboldened by soaring demand for AI, but a rout in tech shares forced the company to delay until this month.

The firm set its listing price at 1,455 yen per …