TOKYO (Kyodo) -- Kioxia Holdings Corp. said Friday it will list its shares on the Tokyo Stock Exchange's top-tier Prime Market on Dec. 18 in an initial public offering expected to fetch the Japanese chipmaker a market capitalization of around 750 billion yen ($4.8 billion).

The memory chipmaker gained initial approval from the TSE in 2020 but it repeatedly postponed its listing due to unfavorable market conditions and as heightened U.S.-China trade tensions clouded its business outlook.

Its indicative price for its IPO is set at 1,390 yen per share, it said, adding that the company plans to use the proceedings to produce advanced chips for artificial intelligence and research operations. The offering price will be finalized on Dec. 9.

The expected market capitalization based on the indicative price is estimated to surpass 700 billion yen of Tokyo Metro Co., a subway operator that went public in October in one of the biggest IPOs this year in Japan.

Still, the value of the semiconductor firm will be about half its initial goal of 1.5 trillion yen, but the company decided to go ahead with the listing plan to get ready for expected demand growth on the back of the recent AI boom.

Its main shareholders U.S. private equity fund Bain Capital and Toshiba Corp. will sell part of their holdings, while Kioxia is expected to raise about 27.7 billion yen by issuing new shares.

The maker of NAND flash memory chips was exploring the possibility of going public by next June after scrapping a plan to list by October, sources familiar with the matter said earlier this month.