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Japanese health salon operator ZEROSPO sets terms for $17 million US IPO

May 25, 2023

ZEROSPO, which owns, operates, and franchises medical and relaxation salons in Japan, announced terms for its IPO on Thursday.

The Tokyo, Japan-based company plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. At the midpoint of the proposed range, ZEROSPO would command a fully diluted market value of $62 million.

ZEROSPO is a medical and relaxation salon chain in Japan. The company believes its main differentiating feature is its employees, many of which are certified judo therapists and acupuncture and moxibustion therapists. ZEROSPO had 50 locations as of April 28, 2023, including 44 directly-operated and six franchised salons.

ZEROSPO was founded in 2001 and booked $14 million in revenue for the 12 months ended October 31, 2022. It plans to list on the Nasdaq under the symbol ZRSP. Boustead Securities is the sole bookrunner on the deal.