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 its initial public offering. A Bain-led consortium acquired the chipmaker from scandal-hit conglomerate Toshiba for 2 trillion yen in 2018.

Kioxia Holdings Corp. plans to debut on the Tokyo Stock Exchange in mid-December at a value of about ¥750 billion ($4.8 billion), fast-tracking the move to stay relevant in the competitive memory sector.