Medirom Healthcare Technologies, a Japanese operator of relaxation salons developing a digital health service, lowered the proposed deal size again for its upcoming US IPO on Tuesday.
The Tokyo, Japan-based company now plans to raise $11 million by offering 0.7 million ADSs at a price range of $14 to $16. The company had previously downsized the offering to 1.1 million ADSs at the same range on December 17, down from its original offering of 1.2 million ADSs. At the revised deal size, Medirom Healthcare Technologies will raise -36% less in proceeds than previously anticipated.
Medirom is a Japanese holistic health service provider. 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.
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.
