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Ramen noodle restaurant chain Yoshiharu Global (YOSH) has updated the terms of its proposed $17 million IPO.
The California-based Japanese restaurant group said it now plans to offer 3.8 million Class A common shares at price between $4 and $5 apiece, which would fetch about $17 million at a mid-range price.
Underwriters would have a 45-day option to purchase up to 563,000 additional shares at the IPO price. EF Hutton is acting as Lead Bookrunner.
Yoshiharu said that post-transaction, about 74.4% of the voting rights on its common stock would be controlled by its chief executive officer, James Chae. As a result, Chae would be able to direct all matters requiring shareholder approval.
The company currently operates seven restaurants in California, with about ten more under construction or scheduled to open in 2022. The chain also plans to launch a franchising program. For 2021, Yoshiharu reported a net loss of $1.6 million on sales of $6.5 million.
IPO terms are slightly reduced from a previous filing that proposed 4 million units priced between $4 and $5, bringing in around $18 million at a mid-point price.
For a deeper dive into Yoshiharu, read SA contributor Donovan Jones, “Yoshiharu Global Targets $18M US IPO for Expansion Plans.”
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