Kioxia, the lossmaking Japanese chipmaker, gathered momentum after a muted start to trade up 6.4 per cent on the first day of trading in Tokyo, after private equity group Bain Capital acquired it in a landmark $18bn buyout six years ago.

The Japanese chip maker expects growth in the flash-memory market, driven by demand for AI applications and data centers.

By Ankur Banerjee SINGAPORE (Reuters) -Shares of Kioxia rose 6% in their market debut on Wednesday, valuing the Bain-backed chipmaker at more than 820 billion yen ($5.34 billion) and highlighting steady investor demand for the third biggest IPO in Japan this year.