Japanese HR platform SmartHR Inc, which counts KKR, General Atlantic, and Sequoia Capital among its investors, is reportedly considering a Tokyo IPO later this year, targeting a valuation of roughly $1bn (JPY160bn), according to a report by Bloomberg.
The SaaS company is reportedly working with banks including Daiwa Securities, Goldman Sachs, and Morgan Stanley, though timing and final valuation remain subject to market conditions.
SmartHR, one of Japan’s few unicorns, was valued at JPY170bn in a 2021 funding round, and in 2024 KKR and Teachers’ Venture Growth led a $140m investment before General Atlantic acquired a stake from Coral Capital in 2025.
A successful IPO could provide a boost to Japan’s IPO market, which has seen several underwhelming debuts recently. Other unicorns, including SmartNews and Go Inc, are also exploring public listings amid market volatility.
