Ga Sai Tong Enterprise more than doubles shares offered ahead of $18 million US IPO
IPO Overview
Ga Sai Tong Enterprise, a Hong Kong-based operator of Japanese-style restaurants, raised the proposed deal size for its upcoming IPO on Friday. The company withdrew and refiled its IPO papers earlier today.
The Hong Kong, China-based company now plans to raise $18 million by offering 3 million shares at a price range of $5 to $7. The company had previously filed to offer 1.3 million shares at the same range. At the midpoint of the revised deal size, Ga Sai Tong Enterprise will raise 131% more in proceeds than previously anticipated and command a market cap of $78 million.
The company is an operator of three Japanese-style restaurants, its portfolio including Japanese yakiitori restaurant Akai Honoo, French-Japanese fusion restaurant Ankoma, and Japanese restaurant Kuno. The restaurants serve a range of dining formats, from casual meals to fine dining.
Ga Sai Tong Enterprise was founded in 2018 and plans to list on the Nasdaq under the symbol GST. Bancroft Capital is the sole bookrunner on the deal.
About the Company
We conduct our operation through our wholly-owned Hong Kong Operating Subsidiaries, namely Akai Honoo Capital, French Fries Creativeworks and Wonderful Concept. We are an established restaurant group in Hong Kong serving a variety of cuisines such as Japanese yakitori, French-Japanese fusion and authentic Japanese sashimi/sushi cuisines. As of the date of this prospectus, we operate three restaurants, namely Akai Honoo, Ankoma and Kuno, located at commercial premises in Tsim Sha Tsui of Hong Kong. Our portfolio of restaurants caters to guests from different backgrounds and with different preferences. Our offerings range from day-to-day catering to fine-dining experience. We strive to offer our guests an unforgettable dining experience based on creativity, authenticity, elegance and innovation. Our restaurants are highly recognized in Hong Kong. Ankoma was featured in the Michelin Guide Hong Kong in 2025, applauded for its butter-aged lobster and three-yellow roast chicken. Ankoma was also listed in “The 50 best restaurants in Hong Kong” on Time Out （Hong Kong） in December 2024, praising its sensational French-Japanese cuisine. Akai Honoo, Ankoma and Kuno are highly-rated on Openrice, a widely-used food and restaurant guide website in Hong Kong, with an average rating of 4.5/5.0 as of June 30, 2025.