Ga Sai Tong Enterprise, a Hong Kong-based operator of Japanese-style restaurants, raised the proposed deal size for its upcoming IPO on Friday. The company withdrew and refiled its IPO papers earlier today.
The Hong Kong, China-based company now plans to raise $18 million by offering 3 million shares at a price range of $5 to $7. The company had previously filed to offer 1.3 million shares at the same range. At the midpoint of the revised deal size, Ga Sai Tong Enterprise will raise 131% more in proceeds than previously anticipated and command a market cap of $78 million.
The company is an operator of three Japanese-style restaurants, its portfolio including Japanese yakiitori restaurant Akai Honoo, French-Japanese fusion restaurant Ankoma, and Japanese restaurant Kuno. The restaurants serve a range of dining formats, from casual meals to fine dining.
Ga Sai Tong Enterprise was founded in 2018 and plans to list on the Nasdaq under the symbol GST. Bancroft Capital is the sole bookrunner on the deal.
