TOKYO - 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.

Bain scrapped plans for an IPO of Kioxia in October after investors pushed the buyout firm to almost halve the 1.5 trillion yen valuation it was seeking, Reuters has reported.

Bain and Toshiba will sell shares in the IPO.

($1 = 154.9300 yen)

(Reporting by Sam Nussey; Editing by Christopher Cushing)