BUZZ-Kura Sushi USA slips on pricing stock offering

Reuters
2024-11-12
BUZZ-Kura Sushi USA slips on pricing stock offering

** Shares of Kura Sushi USA KRUS.O down 5.2% premarket to $87.50 after restaurant chain's follow-on offering prices

** Irvine, California-based firm sold 695,938 shares at $85

** Offering price is 7.9% discount to stock's last close

** It plans to use expected proceeds of ~$56.2 mln for general purposes, including capex and working capital

** Co has ~11.3 mln shares outstanding and ~5.5 mln shares of public float, per LSEG

** William Blair, Barclays and TD Securities leading the offering

** Co on Weds posted fiscal Q4 sales of $66 mln vs $54.9 mln a yr ago as comp restaurant sales declined 3.1%, and forecasted FY25 sales of $275-$279 mln vs LSEG estimate of ~$288 mln

** Through Mon, shares up 21.5% YTD and up around 75% over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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