TOKYO (Reuters) – Carlyle Group plans to list Japan’s WingArc1st Inc and is set to win approval for a listing as early as Thursday, two sources said, after the U.S. fund twice failed to float the software firm.
WingArc1st, which develops and sells business software, including cloud-based software, is likely to list by the middle of March with a market capitalisation of around 50 billion yen ($475 million), the sources said, declining to be identified because the information is not yet public.
It would be the first company to pull off an initial public offering (IPO) in Tokyo after twice failing to do so.
Carlyle and the Tokyo Stock Exchange both declined to comment. A spokesman for WingArc1st said the company is considering a listing, but declined to comment further.
($1 = 105.6000 yen)
(This story corrects headline and first paragraph to show $475 million is the company’s estimated market cap, not the IPO value)
(Reporting by Takashi Umekawa; Additional reporting by Makiko Yamazaki; Editing by David Dolan)