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Business

DIY store operator Joyful Honda to debut on TSE next month

TOKYO -- Joyful Honda, which runs a string of home improvement stores, plans to list on the Tokyo Stock Exchange in April, with the bourse seen granting approval as early as Friday.

     Joyful Honda operates 15 stores, mainly in Ibaraki and Chiba prefectures. For the year ended in June, the firm generated 176.8 billion yen ($1.7 billion) in sales, ranking it seventh in the industry. A unique feature of its stores is their mammoth size, spanning more than 30,000 sq. meters per site.

      The company seeks to diversify its fundraising methods for new store openings amid growing competition with general merchandise stores.

     Investment fund Marunouchi Capital, whose shareholders include trading house Mitsubishi, and members of the founding family will sell their shares in the market.

     The market capitalization is expected to come between 80 billion yen and 90 billion yen.

(Nikkei)

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