A palatable offering is part of the IPO slate of the week, striving to satiate the appetite of investors.
The IPO Terms
Kura Sushi USA, Inc. is set to offer 2.9 million shares in an IPO at an estimated price range of $14-$16 per share, the company said in a S-1/A filing.
At the midpoint of the estimated price range, the size of the offering is expected at $43.5 million.
The company has applied for listing its shares on the Nasdaq under the ticker symbol KRUS.
BMO Capital Markets and Stephens are lead underwriters for the offering.
Kura Sushi USA was established in 2008 as a subsidiary of Kura Japan, a Japanese revolving sushi chain with over 400 restaurants.
Kura Sushi USA opened its first restaurant in Irvine, California in 2009.
The company noted it was ranked 15 based on sales growth in Restaurant Business Online's Fortune 50 list in 2018.
Kura Sushi offers its guests a small plates menu featuring over 140 freshly prepared items using old-world techniques and ingredients that are free from artificial seasonings, sweeteners, colorings, and preservatives.
The guests can either access the revolving and express conveyor belts and on-demand ordering screen, selecting plates of their choice, or place orders through the tableside on-demand ordering screen.
As of July 22, it operated 22 high-volume restaurants in California, Texas, Georgia, Illinois and Nevada.
For the nine months ended May 31, the company reported sales of $45.49 million compared to the $37.10 million reported for the same period last year.
The company reversed to a profit of $41 million in the nine-month period from a loss of $86 million in the same period last year.
IPO Outlook For The Week: Cannabis, Cancer Therapy, Sushi And Holographic AR
A Halftime Report Of The IPO Market In 2019
© 2020 Benzinga.com.
Welcome to Kura Revolving Sushi Bar!
Benzinga does not provide investment advice. All rights reserved.