Recruit Holdings Co., the world’s fifth-largest staffing firm, plans an initial public offering on the Tokyo Stock Exchange, Bloomberg reported, citing people with knowledge of the matter. It would seek a valuation of $9.8 billion. The Japan Times also announced the IPO.

In a notice on its website, the Tokyo-based didn’t deny the reports but said no formal announcement was made.

“Today, certain of the media carried reports which mentioned plans for a public offering of our stock,” according to the notice. “However, we have made no announcements on this matter.”

Recruit provides publishing and staffing services. In addition to being the fifth-largest global staffing firm, Recruit is the eighth-largest staffing firm in the U.S. It operations in the U.S. include Staffmark Holdings Inc., Advantage Resourcing Group and The CSI Companies. It also owns online job site Indeed, which it acquired in 2012.