Bain Capital and GIC Explore $3.2 Billion WHI Holdings Sale

Bain Capital and Singapore's GIC are exploring an initial public offering or a sale of WHI Holdings, a Japanese human resources software company. The co-control shareholders are targeting a valuation of at least 500 billion yen, which is approximately $3.2 billion.

The firms have begun consulting with advisers, potential buyers, and investors to evaluate several options. These include a listing on the Japanese stock market or a sale to a financial investor or strategic buyer. Discussions remain in the early stages, and the owners may still decide to retain the company.

Bain Capital established WHI Holdings in 2019 after acquiring the human resources software business from Works Applications. GIC joined as a co-control shareholder in March 2023. The company's primary operating arm, Works Human Intelligence, provides talent management and payroll systems to roughly 1,200 large corporate groups.