Japan’s top information service firm, Recruit Holdings, applying to Tokyo Stock Exchange. It’ll be largest initial public offering this year
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TSE reviewing Recruit’s application for listing
Date: Jul 7, 2014
Source: NHK World
One of Japan’s top information service firms, Recruit Holdings, has applied for listing on the Tokyo Stock Exchange. If approved, the deal would be the largest initial public offering this year, at over 10 billion dollars.
The Tokyo bourse has begun reviewing the application.
Recruit’s earnings tumbled after an insider trading scandal in the late 1980s. At that time, the firm gave unlisted shares of a subsidiary to business leaders and politicians.
But Recruit has turned around its operations. It strengthened its mainstay staffing business as well as information services on real estate and tourism.
In recent years, the firm acquired a major job search website in the United States.
The firm posted a record group-wide revenue of about 11.7 billion dollars for the year through March 2014.
Recruit’s IPO aims to further expand its overseas business. If the TSE’s screening goes smoothly, the deal will likely be approved by October.
26 Japanese companies went public in the first half of this year, amid the country’s economic recovery and stable stock prices. This was the most in 7 years.
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