CARLYLE <CG.O> TARGETING MARKET VALUE OF 300 BLN YEN ($2.1 BLN) FOR RIGAKU, SAY SOURCES
By Miho Uranaka, Kane Wu and Sam Nussey
TOKYO, Sept 19 (Reuters) -Japan's Rigaku, a maker of X-ray testing tools backed by buyout firm Carlyle Group CG.O, is preparing for a domestic initial public offering (IPO) in October, two sources familiar with the matter said.
Carlyle is targeting a market value for Rigaku of around 300 billion yen ($2.09 billion) in the IPO, one of the sources and a third source said.
A listing is not certain and, depending on market conditions, may be cancelled or rescheduled, one of the sources said.
Japan's stock market suffered a historic rout in early August sparked by a surprise rate hike and fears of a U.S. recession, before regaining ground.
Nomura, Morgan Stanley and Bank of America are joint global coordinators, two of the sources said.
Rigaku, Carlyle, Nomura, Morgan Stanley and Bank of America declined to comment. The sources declined to be identified as the information is not public.
Carlyle will sell shares in the IPO, the sources said.
Subway operator Tokyo Metro and chipmaker Kioxia are both targeting listings in October, Reuters has reported.
Carlyle announced in January 2021 it was acquiring a roughly 80% stake in Rigaku through its fourth Japan buyout fund, with the company's then-CEO Hikaru Shimura holding a roughly 20% stake.
Rigaku said at the time it is targeting growing demand for X-ray equipment due to the miniaturisation of semiconductors and electronic components, and aims to list in the coming years.
The growing complexity of chip manufacturing processes is driving the need for testing with Rigaku's tools, which are offered for research and development, and production.
Rigaku also sells its equipment to industries such as materials science and pharmaceuticals.
Founded in 1951, Rigaku booked revenue of 80 billion yen in 2023, up around a quarter from a year earlier, and makes 70% of its sales overseas.
Rigaku's peers include Spectris-owned SXS.L Malvern Panalytical, located in Britain, and U.S.-based Bruker BRKR.O.
Jun Kawakami, formerly an executive at General Electric and Arteria Networks, became CEO last year, with Shimura serving as chairman.
Buyout firms are making deals in Japan as companies shed non-core assets, go private, or management grapples with a lack of successors.
Carlyle's other investments in Japan include KFC Japan, Iwasaki Electric and Orion Breweries.
The firm said in May it has raised 430 billion yen in its largest ever investment vehicle for Japan.
($1 = 143.4800 yen)
Reporting by Miho Uranaka and Sam Nussey in Tokyo and Kane Wu in Hong Kong; Editing by Muralikumar Anantharaman
Aset Berkaitan
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
