(Bloomberg) -- Japanese memory-chip maker Kioxia Holdings Corp. will list on Tokyo Stock Exchange’s Prime Market on Wednesday, testing investors’ demand after its initial public offering failed to price at the upper end of the firm’s proposed range.

The world’s No.3 NAND maker is listing after years of complex and wide-ranging negotiations that involved Bain Capital, SK Inc., Western Digital Corp. and the Japanese government. The company last week priced its stock at ¥1,455 ($9.5), at the middle of the price range it proposed before the IPO. Most deals in Japan this year that gave a price range ended up debuting above the upper limit, Japan Exchange Group Inc. data show.

The company is expected to enter the market valued at $5.2 billion — a fraction of the $18 billion that a Bain-led consortium forked over in 2018.

Chipmaker Kioxia Faces Tough Debut in Tokyo’s Busy IPO Arena

IPOs in Japan raised about ¥938 billion this year, the largest amount since 2018. While large listings including subway operator Tokyo Metro Co. and X-ray device manufacturer Rigaku Holdings Corp. attracted investor attention, the number of deals has fallen to a decade low, according to data compiled by Bloomberg.

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