ZEROSPO, an owns, operates, and franchises medical and relaxation salons in Japan, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed financials for the six months ended April 30, 2023.
The Tokyo, Japan-based company now plans to raise $7 million by offering 1.5 million shares at a price range of $4 to $5. The company had previously filed to offer 3.8 million shares at the same range. At the midpoint, ZEROSPO will raise 60% less in proceeds than previously anticipated.
ZEROSPO is a medical and relaxation salon chain in Japan. The company believes its main differentiating feature is its employees, many of which are certified judo therapists and acupuncture and moxibustion therapists. ZEROSPO had 53 locations as of September 8, 2023, including 48 directly-operated and five franchised salons. Most of its salons are medical, which have a repeat customer rate of over 95%.
ZEROSPO was founded in 2001 and booked $13 million in revenue for the 12 months ended April 30, 2023. It plans to list on the Nasdaq under the symbol ZRSP. Boustead Securities is the sole bookrunner on the deal.
