Medirom Healthcare Technologies, which operates holistic healthcare salons and a healthtech platform in Japan, filed on Friday with the SEC to raise up to $20 million in an initial public offering.
Medirom is a Japanese holistic health service provider that operates through two lines of business: relaxation salons and digital preventative healthcare, which was formed from its retail salon brands, nascent tech platforms, and targeted health consulting and marketing. As of June 30, 2020, the company's relaxation salon segment had a total of 289 salons across Japan, consisting of 138 directly-operated salons and 151 franchised salons. Since the introduction of its customer management system in 2010, Medirom has served more than 1.57 million customers at its relaxation salons, and in 2019 it served an average 59,000 customers per month.
The Tokyo, Japan-based company was founded in 2000 and booked $31 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol MRM. Medirom Healthcare Technologies filed confidentially on September 11, 2020. Maxim Group LLC is the sole bookrunner on the deal. No pricing terms were disclosed.
