Japanese memory chip maker Kioxia Holdings Corp. has shelved its plan to debut its shares on the Tokyo Stock Exchange in October, Reuters said.

Bain-backed memory chipmaker Kioxia has scrapped its plan for an initial public offering (IPO) in October, three sources familiar with the matter said. Bain declined to comment. Kioxia did not immediately respond to a request for comment.

Reuters reports that Kioxia has canceled its planned initial public offering (IPO), which is slated for October. According to three Reuters sources familiar with the matter, this decision was driven by recent unfavorable market trends in the semiconductor sector,

Private equity firm Bain Capital-backed chipmaker Kioxia has called off IPO plans for October in Japan, Reuters reported, citing people with knowledge of the matter. Last month, reportedly, Bain was in discussions with investment banks to list the Japanese company,