Bain set for another partial exit from Japan's Skylark

According to a statement, the private equity firm intends to sell around 44.8 million shares, while domestic GP Japan Industrial Partners (JIP) will sell just over 1 million shares.

The pricing will be determined by June 3. Skylark said the total number of shares to be sold could be increased to 59 million, or reduced to 41.5 million, depending on demand. Skylark was trading at JPY1,697 a share as mid-afternoon on May 22, indicating that Bain's exit could generate somewhere in the region of JPY76 billion ($629 million).

Bain acquired a 100% stake in Skylark from Nomura Holdings for JPY160 billion in 2011. JIP participated in the same transaction as a minority investor. Bain generated JPY68.8 billion from the company's IPO last October when it shed a third of its stake. JIP reduced its holding from 2.2% to 1.5%.

In total company had sold 62.6 million shares - including an over-allotment option of 7 million shares - at JPY1,200 apiece, after pricing at the bottom end of the indicative range. The stock dropped by nearly 4.8% on debut but has since recovered, reaching a record high of JPY1,827 earlier this week - a 52% premium on the IPO price.

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• Topics
• Exits
• North Asia
• Consumer
• Exit
• Consumer
• Bain Capital Asia
• Japan
• Japan Industrial Partners