KKR-Backed SmartHR Is Said to Mull Tokyo IPO Later This Year

SmartHR Inc., a Japanese human resources platform operator, is considering an initial public offering later this year, according to people familiar with the matter.

The software-as-a-service provider is targeting a market capitalization of about $1 billion (¥160 billion), said the people who declined to be identified as they were discussing private information. The company is working on a potential listing with banks including Daiwa Securities Group Inc., Goldman Sachs Group Inc. and Morgan Stanley, according to the people.