TOKYO: Japanese flash memory maker Kioxia Holdings Corp. aims to go public on the Tokyo Stock Exchange between December this year and June 2025, officials said Friday.

The company submitted a securities registration statement to the Financial Services Agency the same day. Nomura Securities Co., Mitsubishi UFJ Morgan Stanley Securities Co. and BofA Securities Japan Co. will act as lead managers.

Kioxia, previously called Toshiba Memory Corp., became the first company to file a securities registration statement with the financial industry watchdog before receiving listing approval from a stock exchange.

This system was introduced in October last year to shorten the time for listing procedures and allow companies to have dialogue with investors before listing approval.

Kioxia filed for stock listing approval with the TSE in August this year in hopes of diversifying its funding methods in preparation for massive capital investment.

The company aimed to go public in October, but it postponed the initial public offering due to stock market weakness that made it unlikely to achieve its market value target.

If Kioxia goes public, shareholders such as U.S. investment fund Bain Capital LP and Toshiba Corp. are expected to sell some of their stakes.

On Friday, Kioxia reported a consolidated net profit of 176 billion yen for April-September, a record high for the first half, against the year-before loss of 189.1 billion yen.

The company posted an operating profit of 291.9 billion yen, turning around thanks to strong sales of chips for data centers on the back of the spreading use of artificial intelligence technology.