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VC-backed Value HR sees shares double after $8.5m Japan IPO

  • Andrew Woodman
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VC-backed Value HR, a Japanese human resources benefits service provider, saw its stock more than double in value to JPY4035 ($41.5) on its trading debut in Tokyo on Friday.

The company sold 414,000 shares, including 245,000 new shares, at JPY2,000 apiece to raise JPY828 million in its IPO. The issue represents around a third of the company's outstanding shares post IPO. Nomura served as the lead underwriter. 

Set up in 2001, Tokyo-based Value HR manages employee healthcare benefits such as check-ups and medical insurance on behalf of clients. Last year, it recorded JPY1.5 billion in revenue and JPY255 million profit. 

The business secured a JPY225 million round of investment from Nissay Capital, Orix Capital, Yasuda Enterprise Development, Mirai Securities, Mitsubishi UFJ Capital, Dai-ichi Seimei Capital and Japan Asia Investment in February 2004. 

Ant Capital Partners also acquired a small stake in the company which it exited to Yasuda Enterprise in 2011 for JPY28 million. Venture capital firm JAFCO is also known to have backed the company but the details of the transaction were not disclosed.

According to a filing, Nissay Capital and Yasuda Enterprise still own 3.94% and 3.15% of Value HR, respectively.

 

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