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