Japanese sushi company listed on Taiwan's OTC market

Taipei, Sept. 13 (CNA) The chairman of the Taiwan subsidiary of a Japanese sushi chain restaurant brand said Sunday that the company's decision to get it listed on Taiwan's over-the-counter (OTC) market was motivated by the idea of boosting its stronghold in Taiwan before expanding into other Asian countries.

Kura Sushi Asia Co., Ltd., the Taiwanese subsidiary of the Japanese sushi chain Kura Sushi, will be listed on Taiwan's OTC market on Sept. 17.

Shares of the company soared to more than NT$250 (US$8.5) on the Taipei Stock Exchange's Emerging Stock Board last week, which is much higher than the public subscription price of NT$55 per share for its initial public offering (IPO).

The online subscription for its IPO shares was held last Friday, with more than 537,890 traders vying for 1,579 share slots.

Kura Sushi Asia Chairman Kentaro Nishikawa said there are two main reasons for the company to choose Taiwan as the destination for the its OTC listing.

First, the company has a capital need to achieve the goal of developing from its stronghold in Taiwan to other Asian nations, according to Nishikawa.

In addition, he said, Kura Sushi also wants to share its operational outcome with its employees through the shares issuance.

The Japanese sushi restaurant chain is also listed on the Tokyo Stock Exchange, while its American subsidiary, Kura Sushi USA, is listed on the Nasdaq Stock Market.

Kura Sushi has 477 chain stores in Japan, while its U.S. subsidiary operates 25 outlets in the U.S. since it was established in 2009. The business group reported revenue of about NT$38 billion (US$1.3 billion) in 2019.

Established in 2014, Kura Sushi Asia operates 27 outlets in Taiwan, the highest number any Japanese conveyor belt sushi chain has opened in the country.

Nishikawa said that the Taiwan subsidiary will continue to open restaurants in Taiwan, with the aim of opening 50 outlets.

It also plans to expand into the Chinese and Southeast Asian markets in the coming three years. In the long term, it aims to set up 200 stores throughout the regions, he said.