Singapore sovereign wealth fund GIC and Bain Capital are considering strategic options for Japan-based WHI, including a potential IPO or sale that could value the business at at least 500 billion yen or more, Reuters reported Tuesday.

The two investors, which jointly control human resources software company WHI, have approached advisers as well as potential buyers and investors, people familiar with the matter told Reuters. A Japanese listing and a sale to either a strategic or financial investor are among the options under consideration, according to the news agency.

The discussions remain preliminary and Bain and GIC could ultimately retain the company, the sources said.

GIC, Bain Capital and WHI did not immediately respond to MT Newswires' requests for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)