Hillhouse-backed NOTA is reportedly planning to list in Tokyo in December.

NOTA Co. plans to hold an initial public offering in Tokyo as early as December, potentially becoming one of the larger deals in a sluggish year for Japanese new share sales. The luxury villa operator is working with Nomura Holdings Inc. on the proposed IPO, according to people familiar with the matter, who asked not to be identified. Discussions are ongoing, and details such as the listing timing may change.