Japanese restaurant chain subsidiary filed for IPO last July.
Bloomberg reports that shares in the American subsidiary of Japanese chain Kura Sushi have risen 63 per cent since July.
It wrote that insiders of Kura Sushi USA, which runs 24 restaurants in five states including California and Nevada, “will get their first chance to sell on Tuesday as the lock-up period ends. That means Japan-based Kura Sushi Inc., which owns a 55% stake, will have its first opportunity to take profits”.
Kura Sushi USA was listed on the Nasdaq last August.
Kura Sushi USA CEO Hajime “Jimmy” Uba told Bloomberg that between the company’s operating cash flow and its IPO, Kura Sushi USA now has “sufficient capital” to realise its expansion plans. The US subsidiary plans to achieve a 20 per cent average annual restaurant growth rate over the next five years, i.e to increase the number of its conveyor-belt sushi outlets in the U.S. to 290 or more from the current 22.
Kura Sushi also branched out into China last week, hoping to tap into (and potentially very lucrative) third overseas market after the U.S. and Taiwan with its technology-enabled Japanese restaurant concept. Its first Chinese venue will be in Shanghai, followed by a further 10 restaurants, reports Asian Nikkei.
