Japan's largest recruitment company Recruit Holdings said it is planning an initial public offering worth $1.8 billion, which will test investor appetite for big Tokyo listings after some weak debuts this year. The IPO will help Recruit pay for future acquisitions as the company, one of the world's top five staffing firms, seeks to become the world's biggest by 2020. It has snapped up a slew of foreign rivals in recent years, including US online job search site Indeed.com.
The size of the offering, set to be Tokyo's second-biggest this year after a $3.2 billion listing by smartphone screenmaker Japan Display, came in at the lower end of expectations. But some investors were optimistic about its prospects, particularly as it has a range of businesses.
"Recruit has a leading position in several areas, whether it's recruiting or publishing real estate information and bridal information. It has growth potential," said Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management.
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