Integral, the Japan-based private equity firm, is seeking the sale of its majority stake in Tokyo Growth Market-listed system integrator Mamezo, five sources familiar with the situation said.

Mizuho Securities has been retained as sellside advisor, four of the sources said.

The first-round bids are expected to be collected soon, two sources said.

A limited number of bidders, including global sponsors, appear to be invited to the process, one source added.

Four sources said that the deal, a transaction involving a majority stake exceeding the 30% threshold would trigger a tender offer that could potentially lead the company to go private. Integral’s special purpose company (SPC) Mamezo K2TOP Holdings owns a 67.99% stake in Mamezo, as disclosed.

Mamezo closed at JPY 2,998 (USD 19.16) per share today (26 November), giving it a total market cap of JPY 48.1bn (USD 307.6m).

According to the company’s securities filings, Mamezo’s founder Norio Ogiwara owns less than 10% stake in the SPC, with Integral owning the majority.

Mamezo was de-listed in January 2020 following a management buyout sponsored by Integral. The company, formerly Mamezo Digital Holdings at the time, went public in June 2024, with JPY 1,330 per share, according to Dealogic ECM data.

Mizuho Securities declined to comment.

Integral and Mamezo did not return requests for comment by the time of publication.