CLSA-backed BayCurrent lists in Tokyo

The offering comprised 50,000 new shares and 11.68 million held by existing shareholders, which were sold for JPY2,100 apiece, according to a filing. An additional 1.76 million shares were sold under the overallotment option. CLSA Sunrise Capital II - which closed in late 2014 at $210 million - exited 5.99 million shares.

Prior to the IPO, the private equity firm owned 6.9 million shares, or a 43.1% stake, while what appears from separate filings to be a parallel co-investment vehicle held 1.72 million shares, or 10.75%. AVCJ Research's records show that CLSA CP invested in BayCurrent in June 2014, paying $34.5 million for a 54% interest.

Founded in 1998, the company provides services ranging from business strategy development to operational improvements to IT systems implementation. During the ownership period, CLSA has helped BayCurrent expand in terms of scale and services. Revenue came to JPY15.8 billion for year ended February 2016, up from JPY5.6 billion 12 months earlier. Net income reached JPY1.1 billion in 2016, compared to a loss of JPY10.2 million the previous year.

"Securing independent management and operations through an IPO is key to ensuring that BayCurrent continues to provide clients superior, customized and unbiased solutions," Megumi Kiyozuka, a managing director at CLSA CP, said in a statement.

CLSA CP has more than US$3 billion under management in the region across various strategies. The Sunrise funds target mid-cap buyouts in Japan. Last month, Sunrise II exited Mirive - formerly known as BCN Corporation - a used car auction operator

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• Topics
• North Asia
• IPO
• Support services
• Japan
• CLSA Capital Partners
• professional services
• Exit