Ripplewood's offering would comprise 12.5 million shares in the firm’s $1.2 billion (€900 million) Japan-focused RHJ Industrial Partners fund. No date has been set for the listing, which has yet to be approved by Belgium’s financial regulators.
Goldman Sachs and Morgan Stanley are likely to be appointed joint bookrunners for the IPO according to a Reuters report, which cited financial industry sources.
Ripplewood would achieve the listing by transferring certain RHJ fund commitments and portfolio companies into its Belgian holding company, RHJ International. Ripplewood founder Tim Collins will become chief executive officer of RHJ International.
According to Reuters, RHJ says it expects to raise approximately €142.5 million from an international offering, based on the mid-point of a share price range of between €17.25 and €19.25. In addition, it anticipates raising a further €219.8 million from a private placement to be completed alongside the offering.
RHJ said that, of the 12.5 million total shares comprising the offering, up to 7.81 million are new shares to be issued by RHJ International and up to 4.69 million are being offered by existing shareholders.
RHJ Industrial Partners is understood to be around 50 percent invested and holds investments in the likes of auto parts maker Asahi Tech Corp, music firm Nippon Columbia and audio systems maker D&M Holdings.
Ripplewood has built a strong reputation through its Japanese investments, based on lucrative exits from the likes of Shinsei Bank and Japan Telecom over the last couple of years.