The Carlyle Group Inc. (NasdaqGS:CG) is set to win approval for an initial public offering (IPO) of WingArc1st Inc., two people with knowledge of the matter said, its third attempt to list the software firm. WingArc1st is likely to list in Tokyo by mid-March 2021 with a market capitalisation of around ¥50 billion ($475 million), the people said, declining to be identified as the information is not yet public. It was not clear how much of WingArc1st Carlyle aims to sell, nor the amount Carlyle aims to raise.

Carlyle and the Tokyo Stock Exchange declined to comment on the matter. A WingArc1st spokesman said the software developer is considering listing and declined to comment further.