Hey ! Sushi set to announce London IPO – Report
London-based catering company Yo! Sushi has reportedly announced its formal intention to float in London next month, according to a report released today.
A report on Sky News says the owners of the restaurant chain, the Snowfox Group, will present its financial information to analysts in the city this week. The report claims this will be one more step towards an IPO worth over £ 750million.
Snowfox group partnership
Capital.com has approached the Snowfox group for comment, but the company has yet to confirm or deny the reports.
“Sources in the city said the list could be released as early as mid-October, although a final date has yet to be decided,” the Sky News report said.
Hey ! Sushi, known for its authentic Japanese food, announced a partnership with the Snowfox Group in 2019 to form one of the largest sushi stand franchise operators and owners in the United States, creating one of the largest Japanese food companies outside of the United States. Japan.
According to reports, the listing will be led by Numis bankers.
Boost to the IPO
“Snowfox Group’s apparent IPO is very likely to boost capital-intensive businesses, including sushi restaurant chain Yo !, as the company looks to scale up operations at a time when the savings have started.” to relax social distancing mandates and restrictions induced by the pandemic. Kunal Sawhney, CEO of investment research firm Kalkine Group, told Capital.com.
“The company had implemented various cost-cutting measures aimed at minimizing overall expenses and overhead in an effort to maintain profitability during business disruptions caused by the Covid-19 pandemic. “
Sawhney said pese people were now returning in large numbers to the reception areas and restaurant owners were trying to build up a war chest to cope with the increase in expenses.
“This creates a unique opportunity for investors to profit from the story of the stimulus, as a significant share sale will unlock the growth potential of the company,” he added.
“With the anticipation of a spending spree in the final quarter, the timing of the IPO becomes even more crucial as bankers look to capitalize on the momentum before the start of next year.”
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