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Staffing services provider Recruit Holdings Co. plans an initial public offering on the Tokyo Stock Exchange as soon as October, people with knowledge of the matter said.

The Tokyo-based firm is expected to seek a valuation of more than ¥1 trillion, the people said, asking not to be identified because the info is private. Recruit plans to file its IPO application with the bourse as early as June, one of the sources said.

“Investors will be watching closely the way Recruit expands their global staffing operations and the other pillar of their business, information services,” Yasuhide Yajima, chief economist at NLI Research Institute in Tokyo, said by phone. “Recruit has been offering a wide range of information to meet consumers’ demand.”

Recruit seeks to list after Japan went from being the best performing major stock market in 2013 to the worst this year as the effects of Prime Minister Shinzo Abe’s economic stimulus measures fades. Initial public offerings in the country have raised ¥612 trillion this year, up from ¥214 trillion for the same period in 2013, data show.

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