Tokyo-based, 13-unit sushi chain Sushi Ginza Onodera is preparing for a U.S. initial public offering, with plans to sell 1.07 million shares of the Japanese restaurant chain for $7-$8 apiece, commanding a market value of $61 million, the company announced Monday.
Sushi Ginza Onodera is known for its menu of Edomae-style sushi (using aged/preserved fish), tempura, and teppanyaki-style cuisine, with locations in Japan, China, and the U.S. The chain previously held two Michelin stars for its now-closed New York City location.
The New York Midtown East location opened in 2016, becoming known for its 20-course $450 sushi meal that included fish imported directly from Japan. In 2020, Sushi Ginza Onodera’s two stars were downgraded to one, and the New York City location closed permanently last summer. During the announcement of the restaurant’s closure, Sushi Ginza Onodera general manager Yoko Yamaguchi implied that the restaurant would “return stronger and better.” The company still owns and operates two U.S. locations in Los Angeles and Honolulu.
This is not the first smaller restaurant group to go public in the past year. Last June, GEN Restaurant Group Inc., which owns the 32-unit GEN Korean BBQ House concept, filed for an IPO for the family-style cook-your-own restaurant concept. Both of these smaller concepts join the larger restaurant initial public offerings news of the past year: Cava’s IPO in June 2023 and Panera’s continued preparations for its IPO, which is allegedly happening sometime this year.
Sushi Ginza Onodera was founded in Tokyo in 2013 and for the fiscal year ended Sept. 30, 2023, earned $23 million in sales. Sushi Ginza Onodera expects to net about $6.5-8 million in proceeds from the IPO and will list on the Nasdaq under the symbol ONDR.
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