Hong Kong catering company Ga Sai Tong (GST.US) has increased its IPO size by 131% and plans to raise $18 million.

Hong Kong-based Japanese restaurant operator Ga Sai Tong Enterprise Limited (GST.US) announced an increase in the planned fundraising size for its upcoming initial public offering (IPO) last Friday. The company now plans to offer 3 million shares at a price range of $5 to $7 per share, raising $18 million; previously, the company had filed for 1.3 million shares at the same price range. With the revised midpoint of the offering, Ga Sai Tong's fundraising amount will increase by 131%, and its post-listing market value will reach $78 million. Ga Sai Tong operates three Japanese restaurants under its brand matrix, which includes the Japanese BBQ restaurant Akai Honoo, the French-Japanese fusion restaurant Ankoma, and the Japanese cuisine restaurant Kuno. The restaurants cover various dining formats from casual dining to upscale dining. Established in 2018, Ga Sai Tong plans to list on the Nasdaq under the stock symbol "GST," with Bancroft Capital as the sole book-running manager for the transaction.