U.S. investment firm Bain Capital and Singapore sovereign wealth fund GIC are considering an initial public offering or a sale to a third party for WHI Holdings, which operates human resources management systems, aiming for a valuation of more than 500 billion yen, according to two people familiar with the matter. The two firms have begun approaching advisors, potential buyers and investors as part of the process, the people said, with a listing in the Japanese market under consideration as one option, along with a sale to operating companies or other funds. The discussions are at an early stage and no final decision has been made, and Bain and GIC may ultimately choose to retain their holdings. Bain and GIC declined to comment, and WHI could not be reached for comment at this time. Bain acquired the HR software business from Works Applications in 2019 and established WHI. The acquisition price was not disclosed, and in March 2023 GIC co-invested in WHI, making the two firms joint controlling shareholders. WHI's core operating subsidiary, Works Human Intelligence, develops, sells and supports the COMPANY HR system for large enterprises, which includes functions such as HR management, payroll, time and attendance management, and talent management. According to WHI Holdings' website, it is used by roughly 1,200 major corporate groups in Japan.