Carlyle-backed Japanese software firm WingArc1st launches $172m IPO in Tokyo

Photo: Reuters

Japan’s software company WingArc1st Inc, which is backed by US buyout firm Carlyle Group Inc, on Thursday launched an initial public offering (IPO) worth up to 18.2 billion yen ($171.8 million), a regulatory filing showed.

The Tokyo-based WingArc1st, which develops and sells business software, will list on the Tokyo Stock Exchange on March 16, according to the filing with the Ministry of Finance.

That is the third attempt by Carlyle to float the company, and a successful listing would be the first time an IPO that had failed twice in Tokyo was eventually completed.

Reuters earlier this week reported the U.S. fund was set to win approval for the IPO as early as Thursday.

Carlyle owns 34.79% of WingArc1st, which has a market value of 46.5 billion yen, and the fund aims to sell all shares in the offering, the filing showed.

Carlyle bought WingArc1st from Japan’s Orix Corp for an undisclosed sum in 2016. It shelved IPO plans in 2019 because of market conditions and again last year because of the COVID-19 pandemic.

Carlyle now looks likely to take advantage of the Japanese stock market’s surge to its highest in 30 years. A successful IPO would be Carlyle‘s eighth in Japan.

The Tokyo Stock Exchange said that while 18 Japanese companies including WingArc1st postponed their IPOs last year because of the coronavirus, 11 of them had successfully listed by the end of January.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.