Achieving a Prime Market Listing from Scratch: Revealing the Behind-the-Scenes of NS Group's United Effort with External Experts under Bain Capital's Management
Bridge Consulting Group released an interview detailing how they supported NS Group, which had zero experienced staff, in achieving a Prime Market listing. It highlights the value of hands-on support and insourcing.
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Bridge Consulting Group Inc. (Headquarters: Minato-ku, Tokyo; Representative Director and CEO: Ryoichi Miyazaki; hereinafter 'BCG') interviewed Tomohiro Yoshida, Managing Executive Officer and CFO, and Erina Takagi of the Finance and Accounting Department at its client, NS Group Inc. (Headquarters: Minato-ku, Tokyo; Representative Director, Executive Officer and President: Katsuya Ikeda; hereinafter 'NS Group'). The interview covers the process of breaking through the difficult barrier of a Prime Market listing from a state of having zero experienced personnel, dealing with a global offering (simultaneous domestic and international offering), and the essentials of hands-on support utilizing external experts as 'team members.'
This case study provides highly practical insights for companies aiming to build advanced management structures and achieve a speedy listing.
Click here for the full interview.
A Challenge for the Prime Market Aiming for Further Growth as an Industry Leader
── Please tell us about the history of NS Group and the background of aiming for a listing this time.
Yoshida: Our company was established in 1997 and has grown primarily through the rent guarantee business. We started seriously considering going public around 2021. With major players in the industry already listed, we determined that we had reached the phase of utilizing the capital market in order for our company to grow even larger. At that timing, a private equity fund (Bain Capital) entered, and full-scale IPO preparations began. As a result, after a preparation period of about four years, we successfully listed on the Prime Market in December 2025.
Starting from Zero Experienced Staff, Building a 'United' System with External Experts
── What were the challenges in proceeding with IPO preparations, and why did you request support from BCG?
Yoshida: The challenges were mountainous. Having been unlisted for many years, there was not a single person in our management department with experience in IFRS application, disclosure systems, or internal controls, meaning we had to 'build a listed-company-level management system from scratch.' In building this system, we were not looking for a mere proxy for tasks, but a partner who would simultaneously support 'insourcing' so we could run it ourselves looking ahead to post-listing. We asked BCG because we felt that Mr. Kunita, a partner CPA, would run alongside us as a member of the team.
Takagi: It was also significant that they actually came to the office and worked side-by-side with us. Not remote, but always able to discuss things right next to us. It was truly 'hands-on.' Internally, BCG was not seen as an 'external consultant' but as a member of the accounting team.
The Effects of Receiving Support and Dealing with the 'Global Offering'
── Please tell us what you struggled with the most and what was good about receiving support.
Yoshida: In a word, we were able to 'buy time.' Since our case was a global offering (simultaneous offering in Japan and overseas), we had to simultaneously handle English prospectuses and create explanatory materials for overseas investors. Amidst that, we also received strict feedback from the audit firm regarding Part I (Securities Report), but thanks to Mr. Kunita handling the practical aspects, we were able to concentrate on areas requiring management decisions.
Takagi: Dealing with overseas-related issues and ensuring numerical consistency within a fixed deadline was truly difficult, but receiving support to formulate things in a way that 'holds up from an audit perspective,' rather than mere task support, allowed us to elevate the organization's capabilities itself. As Yoshida said, it is no exaggeration to say we couldn't have listed without Mr. Kunita.
The full text of the interview is available on our corporate website. Please take a look.
Click here for the full interview.
About Bridge Consulting Group Inc.
Bridge Consulting Group is a consulting company developing a pro-sharing business specializing in Certified Public Accountants, with the corporate mission of 'Creating a platform that aggregates the experience, knowledge, and passion of CPAs and enables optimal allocation.'
As core services, we support listed companies, companies preparing for IPOs, mid-sized enterprises, and startups through corporate growth/business succession support via IPO, M&A, and Finance; risk management support through internal audit/internal control; financial reporting support centered on skill sharing; and talent acquisition support centered on CxO talent. We also operate 'Kaikeishi.job', a working platform specialized for CPAs.
Corporate site: http://bridge-group.co.jp
Name
Bridge Consulting Group Inc.
Title and Name of Representative
Representative Director and CEO Ryoichi Miyazaki
Location
Edomizaka Mori Bldg. 7F, 4-1-40 Toranomon, Minato-ku, Tokyo
Capital
182 million yen (as of the end of September 2025)
Main Business Activities
Pro-sharing specializing in Certified Public Accountants (*), etc.
This case study provides highly practical insights for companies aiming to build advanced management structures and achieve a speedy listing.
Click here for the full interview.
A Challenge for the Prime Market Aiming for Further Growth as an Industry Leader
── Please tell us about the history of NS Group and the background of aiming for a listing this time.
Yoshida: Our company was established in 1997 and has grown primarily through the rent guarantee business. We started seriously considering going public around 2021. With major players in the industry already listed, we determined that we had reached the phase of utilizing the capital market in order for our company to grow even larger. At that timing, a private equity fund (Bain Capital) entered, and full-scale IPO preparations began. As a result, after a preparation period of about four years, we successfully listed on the Prime Market in December 2025.
Starting from Zero Experienced Staff, Building a 'United' System with External Experts
── What were the challenges in proceeding with IPO preparations, and why did you request support from BCG?
Yoshida: The challenges were mountainous. Having been unlisted for many years, there was not a single person in our management department with experience in IFRS application, disclosure systems, or internal controls, meaning we had to 'build a listed-company-level management system from scratch.' In building this system, we were not looking for a mere proxy for tasks, but a partner who would simultaneously support 'insourcing' so we could run it ourselves looking ahead to post-listing. We asked BCG because we felt that Mr. Kunita, a partner CPA, would run alongside us as a member of the team.
Takagi: It was also significant that they actually came to the office and worked side-by-side with us. Not remote, but always able to discuss things right next to us. It was truly 'hands-on.' Internally, BCG was not seen as an 'external consultant' but as a member of the accounting team.
The Effects of Receiving Support and Dealing with the 'Global Offering'
── Please tell us what you struggled with the most and what was good about receiving support.
Yoshida: In a word, we were able to 'buy time.' Since our case was a global offering (simultaneous offering in Japan and overseas), we had to simultaneously handle English prospectuses and create explanatory materials for overseas investors. Amidst that, we also received strict feedback from the audit firm regarding Part I (Securities Report), but thanks to Mr. Kunita handling the practical aspects, we were able to concentrate on areas requiring management decisions.
Takagi: Dealing with overseas-related issues and ensuring numerical consistency within a fixed deadline was truly difficult, but receiving support to formulate things in a way that 'holds up from an audit perspective,' rather than mere task support, allowed us to elevate the organization's capabilities itself. As Yoshida said, it is no exaggeration to say we couldn't have listed without Mr. Kunita.
The full text of the interview is available on our corporate website. Please take a look.
Click here for the full interview.
About Bridge Consulting Group Inc.
Bridge Consulting Group is a consulting company developing a pro-sharing business specializing in Certified Public Accountants, with the corporate mission of 'Creating a platform that aggregates the experience, knowledge, and passion of CPAs and enables optimal allocation.'
As core services, we support listed companies, companies preparing for IPOs, mid-sized enterprises, and startups through corporate growth/business succession support via IPO, M&A, and Finance; risk management support through internal audit/internal control; financial reporting support centered on skill sharing; and talent acquisition support centered on CxO talent. We also operate 'Kaikeishi.job', a working platform specialized for CPAs.
Corporate site: http://bridge-group.co.jp
Name
Bridge Consulting Group Inc.
Title and Name of Representative
Representative Director and CEO Ryoichi Miyazaki
Location
Edomizaka Mori Bldg. 7F, 4-1-40 Toranomon, Minato-ku, Tokyo
Capital
182 million yen (as of the end of September 2025)
Main Business Activities
Pro-sharing specializing in Certified Public Accountants (*), etc.