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Skylark Group shares worth $400m on the table

Up to US$400 million worth of shares in Japanese restaurant chain company Skylark Group are being put up for sale by stakeholder Bain Capital.

IFR reports that the private-equity firm is offering 25.5 million shares of Skylark in an indicative range of ¥1629 ($238) to ¥1663 per share. The deal could grow by another 1.96 million shares if underwriters exercise an upsize option to meet demand for the deal.

Bank of America Merrill Lynch, Morgan Stanley and Nomura have been hired as joint bookrunners for the stake sale.

A pioneer in the family-restaurant business in Japan, the Skylark Group opened its first Skylark brand restaurant in Tokyo in 1970. It has since developed a range of brands and has more than 3000 restaurants serving Western, Chinese, Japanese (including conveyer-belt sushi) and Italian cuisines in Japan and Taiwan.

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