Yoshiharu Global, which operates seven ramen-focused Japanese restaurants in Southern California, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also removed warrants from its offering, disclosed financials for the three months ended March 31, 2022, and added Valuable Capital as an underwriter.
The Buena Park, CA-based company now plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. The company had previously filed to offer 4 million units at the same range range, with each unit containing one share of Class A common stock and one warrant, exercisable at 125% of the IPO price. At the revised terms, Yoshiharu Global will raise -6% less in proceeds than previously anticipated and command a market value of $62 million.
Yoshiharu is a Japanese restaurant operator specializing in authentic Japanese ramen. The company also offers a variety of sushi rolls, bento menu, and other favorite Japanese cuisine. Yoshiharu currently owns and operates seven restaurants across Southern California, with an additional two new restaurants under construction or in development, and eight expected to open in 2022.
Yoshiharu Global was founded in 2016 and booked $7 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol YOSH. EF Hutton and Valuable Capital are the joint bookrunners on the deal.
