Bain, GIC explore IPO or sale of Japan’s WHI at valuation of about US$3.2 billion: sources

[TOKYO/HONG KONG] Bain Capital and Singapore’s GIC are exploring prospects for an IPO or sale for Japan’s WHI Holdings at a valuation of at least 500 billion yen (US$3.2 billion) for the human resources software company, two people with knowledge of the matter said.

The US private investment firm and Singapore sovereign wealth fund, which jointly control WHI, have begun sounding out advisers, potential buyers and investors in the process, the sources said.

A listing in Japan is one option being considered, in addition to a sale to a strategic buyer or another financial investor, added the people, who sought anonymity as the matter is private.

The talks are at an early stage and no final decision has been made, they added, while Bain and GIC could still decide to retain ownership.

Bain and GIC declined to comment. There was no immediate comment from WHI.

Bain set up WHI in 2019 through the carve-out and acquisition of the human resources software business of Works Applications, according to Bain’s website.

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In March 2023, GIC agreed to invest alongside Bain and the two firms became co-control shareholders, the companies said in announcements.

WHI’s main operating company, Works Human Intelligence, develops and sells a human resources system used by about 1,200 large corporate groups for payroll, employee data, attendance and talent management, its website says. REUTERS