TOKYO -- Medirom Healthcare Technologies is set to become the first Japanese enterprise to conduct an initial public offering on an American stock market in 21 years after the U.S. Securities and Exchange Commission completed its review.
Medirom likely will begin an investor roadshow in early December for its offering before debuting on the Nasdaq later that month with the ticker symbol MRM.
The company, established in 2000, has about 290 relaxation salons in Japan, mainly under the Re.Ra.Ku brand. It also offers a smartphone app for lifestyle coaching and a wearable fitness tracker. Medirom reported 1.75 billion yen ($16.8 million) in revenue for 2019.
Medirom aims to raise up to $20 million through the listing, according to its SEC filing. The funds will be invested in acquisitions or to expand production of its wearable devices.
The company opted for a U.S. listing after concluding it was unlikely to win approval in Japan, where a relaxation salons are in a regulatory "gray zone," whereas similar companies have already gone public in the American market. The last Japanese company to conduct an IPO in the U.S. was Internet Initiative Japan in August 1999.