NS Group, Inc. (Ticker: 471A JP) is a Japanese holding company specializing in rent debt guarantee services through its core subsidiary, Nihon Safety Co., Ltd. NS Group plans to list on the Tokyo Stock Exchange Prime Market on December 16, 2025. The offering comprises approximately 26.6 million shares (including over-allotment) entirely from existing shareholders, with a tentative price range of JPY 1,440 to JPY 1,480. At the upper limit, the IPO seeks to raise JPY 39.4 billion (approx. $262 million), giving the company a market capitalization of roughly $515 million. Since no new shares are being issued, the company will reportedly not receive proceeds; funds will go to selling shareholders, including Bain Capital entities. SMBC Nikko and Daiwa Securities are serving as joint lead managers.