Bain, GIC explore IPO or sale of Japan’s WHI at valuation of about US$3.2 billion: sources
Bain and GIC could still decide to retain ownership
Bain Capital and Singapore's GIC are evaluating the possibility of an IPO or sale for Japan's WHI Holdings, a human resources software company, at a valuation of approximately US$3.2 billion, according to sources familiar with the matter. The US private investment firm and Singapore sovereign wealth fund, which jointly control WHI, have begun discussions with advisers, potential buyers, and investors.
A listing in Japan is one potential option, alongside a sale to a strategic buyer or another financial investor. The talks are in the early stages, and neither Bain nor GIC have announced a final decision, with the possibility of retaining ownership still on the table. WHI was established in 2019 by Bain through the acquisition of the human resources software division of Works Applications.
GIC joined Bain as co-control shareholders in March 2023. WHI's main operating subsidiary, Works Human Intelligence, provides a human resources system utilized by around 1,200 large corporate groups for various purposes, including payroll, employee data, attendance, and talent management.
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