Medirom Healthcare Technologies, which operates holistic healthcare salons and a healthtech platform in Japan, announced terms for its IPO on Monday.
The Tokyo, Japan-based company plans to raise $18 million by offering 1.2 million ADSs at a price range of $14 to $16. At the midpoint of the proposed range, Medirom Healthcare Technologies would command a fully diluted market value of $83 million.
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.
Medirom Healthcare Technologies 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. Maxim Group LLC is the sole bookrunner on the deal.
