At a time when the chip sector is booming, and the Japanese stock market is enjoying a new infatuation on the part of foreign investors, KKR is advancing an IPO on the Tokyo Stock Exchange. KKR has put forward a valuation of $2.7 billion for the company, 60% more than it paid to acquire the group in 2017, when the Hitachi conglomerate streamlined its activities. The IPO is expected to take place in the 4th quarter, a busy period for IPOs.

With 10 IPOs scheduled for this month and 9 next month, and after a powerful rally during the year, the Topix is now back in the spotlight, after a period of timidity imposed by geopolitical uncertainties and Sino-American tensions. Kokusai's listing also represents a victory for KKR, which had failed to sell the chipmaker to US-based Applied Materials in 2019, for $3.5 billion.