Yoshitsu sells makeup and other beauty products via both online and brick-and-motor stores that it operates, as well as through franchised stores.
Dreamstime
Text size
Shares of Yoshitsu, a Japanese beauty retailer, rocketed 700% higher in their first day of trading Tuesday.
Yoshitsu (ticker: TKLF) shares opened Tuesday at $40.99, up 924% from the stock’s offer price. The stock closed at $31, a gain of $28.
Yoshitsu, of Tokyo, is a retailer and wholesaler of Japanese beauty and health products. It sells its products through directly operated physical and online stores in Japan and China, but also has franchised stores in the U.S., Canada and the U.K., according to the prospectus for the deal.
The debut comes as the initial public offering market continues to remain in a lull. Only a handful of companies have listed their shares this year, with Yoshitsu easily posting the strongest first day so far.
That title was previously held by
TPG (TPG), the private-equity firm, which last week rose more than 15% from its offer price. Before that, three other companies went public in January, but all struggled in their trading debuts.
Amylyx Pharmaceuticals (AMLX) and
Vigil Neuroscience (VIGL) both dropped below their IPO prices, while
CinCor Pharma (CINC) ended flat on its first day of trading.
Yoshitsu priced its deal on Jan. 8. The retailer sold 6 million American depositary shares at $4 each, the bottom of the range of $4 to $6 it had told investors to expect. Each ADS represents one ordinary share. Univest Securities was lead underwriter on the deal.
Write to Luisa Beltran at [email protected]
