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Carlyle-backed Tsubaki Nakashima drops IPO plan

  • Alvina Yuen
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Tsubaki Nakashima, a Japanese steel ball-bearings maker 95% owned by The Carlyle Group, has called off plans for a $555 million IPO, citing weak market conditions. This is the second time in six months that a Carlyle portfolio company in Japan has tried and failed to list.

The company announced earlier this month that it would sell 26.5 million shares, or 70% of its enlarged share capital, through an IPO.

Established in 1936, Tsubaki Nakashima supplies steel balls to bearing manufacturers in Japan and overseas. Carlyle acquired to buy the company last year from Nomura Principal Finance through its Carlyle Japan Partners II fund in March last year. At that time, it was valued at JPY66 billion ($847 million).

The move comes five months after the US buyout firm abandoned plans to list AvanStrate, a Japanese LCD glass manufacturer. Having previously failed to list the company, Carlyle re-initiated IPO proceedings in March due to improved stock market conditions and sought to raise as much as $266 million.

Carlyle Japan Partners I closed in 2003 at JPY50 billion ($640 million). Three years later, its successor received JPY215.6 billion in commitments, making it the largest Japan-focused vehicle ever raised, but it was subsequently reduced it to JPY165.6 billion.

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