On July 4, 2019, Kura Sushi USA, Inc. (“Kura Sushi USA”), the U.S. subsidiary of Kura Sushi, announced that it had filed an application with the U.S. Securities and Exchange Commission (SEC) to list on the Nasdaq market.
According to the Nihon Keizai Shimbun (Nikkei) on the same day, Kura Sushi USA was established in 2008 and currently operates 22 restaurants in the United States. Sales for the fiscal year ended August 2018 were approximately $51.74 million (approx. 5.6 billion JPY). The company reportedly aims to accelerate store openings toward its long-term goal of 290 or more locations, using the funds raised from this Initial Public Offering (IPO).
By listing on Nasdaq, the company can achieve not only capital procurement but also a further increase in brand recognition in overseas markets, including the U.S. As revolving sushi (kaiten-zushi) has been gaining popularity in the U.S. in recent years, attention is likely to focus on the future business expansion of Kura Sushi USA.
It is noted that the specific market Kura Sushi USA has applied to list on is the NASDAQ Global Market.
Nasdaq actually has three market tiers. For more details on this topic, please refer to this article.
A Guide to the US Capital Markets for Japanese Companies Vol.4
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(Addendum February 14, 2020: Kura Sushi USA successfully listed on Nasdaq in August 2019.)
