February 20, 2019 / 10:18 AM / 2 months ago

Bain hires Nomura, Mitsubishi UFJ for IPO of Japan's Toshiba Memory -sources

TOKYO, Feb 20 (Reuters) - U.S. private equity firm Bain Capital has picked Nomura and Mitsubishi UFJ Morgan Stanley to manage an initial public offering of Japan’s Toshiba Memory, a deal that could happen as early as September, people familiar with the matter said.

The listing of the world’s second-largest maker of NAND flash memory chips, which a Bain-led consortium bought for $18 billion two years ago, could be Japan’s biggest IPO this year. It would also mark a swift exit by Bain - the firm had previously flagged it was looking for an IPO within three years.

“Bain is looking at an IPO as early as autumn,” said one of the three people, all of whom declined to be identified because the information is not public. Bain has retained Nomura Holdings and Mitsubishi UFJ Morgan Stanley Securities for the IPO process and other banks will participate in the global share sale, the three people said.

The listing could happen as early as September, two of the people said. A representative for Bain was not available for comment. Representatives for Nomura and Mitsubishi UFJ Morgan Stanley declined to comment.

A Toshiba Memory spokesman said: “There is no change to our plans to go public within three years since the acquisition. We are planning to do an IPO at an appropriate time and we are preparing to do so.”

Toshiba Corp, which still retains a 40 percent stake in the business, said it was not in a position to comment on the IPO. ($1 = 110.9300 yen) (Reporting by Junko Fujita and Taro Fuse; Additional reporting by Makiko Yamazaki; Editing by David Dolan)

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