Libera Gaming Operations, which operates pachinko gaming halls in Japan, raised the proposed deal size for its upcoming IPO on Monday.
The Tokyo, Japan-based company now plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. The company had previously filed to offer 1.3 million shares at the same range. At the midpoint of the range, Libera Gaming Operations will raise 200% more in proceeds than previously anticipated and command a fully diluted market cap of $74 million.
With the revised offering terms, Libera Gaming Operations will qualify for a US IPO under the Nasdaq's new listing requirements, which include a minimum float of $15 million worth of shares.
Libera operates pachinko halls in Japan. The halls are venues for recreational arcade games "pachinko" and "pachislot," played with balls and tokens, respectively. The goal of the games is to obtain more balls and tokens and exchange them for prizes, some of which can be converted into cash. The pachinko and pachislot industry is highly regulated and not considered gambling in Japan since customers do not directly win cash.
Libera Gaming Operations was founded in 1965 and booked $90 million in revenue for the 12 months ended October 31, 2025. It plans to list on the Nasdaq under the symbol LBRJ. D. Boral Capital and Sutter Securities are the joint bookrunners on the deal.
