Japanese cafe chain Komeda plans to go public next month, and is set to list on the Tokyo Stock Exchange (TSE) with a market capitalisation of ¥100 billion (US$908 million).
Owned by private equity fund MBK Partners, Komeda wants to expand beyond its home base, the Chubu region.
MBK is expected to sell off most its shares in the company. If Komeda reaches the ¥100 billion mark, it will be as one of the biggest IPOs for a food-service provider since Skylark’s ¥220 billion offering two years ago.
Komeda had 683 locations at the end of February, and is Japan’s third-largest cafe owner after Doutor Nichires Holdings and Starbucks Coffee Japan.
With its wood-and-brick settings, Komeda cafe is known for its breakfast menu and is growing nationwide, particularly in suburban areas. It opened its first overseas store in April last year in Shanghai.
The company aims to have as many as 1000 stores by the end of 2020. Komeda’s sales grew 13 per cent for the fiscal year last February to ¥21.9 billion, while its operating profit grew 8 per cent to ¥4.2 billion.