Global investment firm KKR has mandated Morgan Stanley to support preparations for a potential IPO of Logisteed, a Japanese logistics business formerly known as Hitachi Transport System, according to a report by Bloomberg citing sources familiar with the matter.
Discussions around a listing – pencilled in for as early as 2027 – remain at an early stage, with deliberations on size, structure, and timing still ongoing, the sources said. Additional banks are expected to be brought into the process at a later stage.
KKR may also opt to hold the business longer depending on market conditions.
KKR acquired Logisteed in early 2023, subsequently delisting the business. For the nine months through December 2024, the company reported revenues of JPY669bn ($4.7bn) and net income of JPY28bn.
The firm is no stranger to Japan’s public markets, having backed the JPY100bn IPO of Kokusai Electric in 2023 – Japan’s largest float since SoftBank Corp.’s 2018 listing. Both Kokusai and Logisteed were formerly units of Hitachi.
IPO activity in Japan has surged in 2025, with $3.2bn raised so far this year – a 374% increase from the same period in 2024 – driven largely by the JX Advanced Metal offering in March, according to Bloomberg data. Meanwhile, the Topix index has rebounded over 10% from early April lows, despite broader global market volatility.
