Bain Capital and Singapore’s sovereign wealth fund GIC are exploring an initial public offering or sale of Japanese human resources software company WHI Holdings at a valuation of at least 500 billion yen ($3.2 billion), according to two people familiar with the matter. The investors have begun approaching advisers, potential buyers and investors as they assess options for the company.
A listing in Japan is among the possibilities being considered, alongside a sale to a strategic buyer or another financial investor. However, the discussions remain at an early stage, and no final decision has been made. Bain and GIC could also choose to retain their ownership of WHI. Both investors declined to comment, while WHI did not immediately respond to requests for comment.
Bain established WHI in 2019 after acquiring and carving out the human resources software business of Works Applications. In March 2023, GIC invested alongside Bain, making the two firms co-controlling shareholders. WHI’s main operating unit, Works Human Intelligence, provides human resources software covering payroll, employee data, attendance and talent management, serving around 1,200 large corporate groups.
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