Yoshiharu Global, which operates seven ramen-focused Japanese restaurants in Southern California, lowered the proposed deal size for its upcoming IPO on Tuesday. The company also disclosed 1H FY22 financials, and removed Valuable Capital as an underwriter.
The Buena Park, CA-based company now plans to raise $12 million by offering 2.8 million shares at a price range of $4 to $5. The company had most recently filed to offer 3.8 million shares at the same range. It originally planned to offer 4 million units before lowering the offering and removing the attached warrants in May. At the revised terms, Yoshiharu Global will raise -27% less in proceeds than previously anticipated.
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 eight restaurants across Southern California, with an additional one new restaurants under construction or in development, and eight more expected to open in 2022.
Yoshiharu Global was founded in 2016 and booked $8 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol YOSH. EF Hutton is the sole bookrunner on the deal.
