Bain-backed Skylark to raise $1.1b in Tokyo IPO

Skylark will offer up to 77.68 million shares in the IPO, including an overallotment in the event of high demand. Based on an indicative price of JPY1,450 per share, the company will seek to raise up to JPY112.6 billion ($1.1 billion), giving it a market value of JPY281.6 billion.

Bain acquired a 100% stake in Skylark from Nomura Principal Finance for JPY160 billion in 2011.

The offering follows some poor debut performances on the TSX this year. Among them is Japan Display, a supplier of screens for the Apple iPhone, which has seen its stock fall by 42% against the IPO price following a $3.3 billion offering in March.

The benchmark Nikkei 225 Index is down around 5% year to date, after rising more than 50% in 2013. This has largely been the result of cooling investor sentiment following a period of optimism triggered by the goverment's broad economic reforms.

The book building for Skylark's IPO will be take place on September 22-26 and the final IPO price will be decided on September 29.

Last month, Bain Capital sold a 49.9% stake in Bellsystem24 Holdings to trading house Itochu Corporation for an undisclosed amount. The GP had acquired Bellsystem24 from Citigroup Capital Partners Japan for JPY100 billion in 2009.

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