Headquartered in Hong Kong, Japanese restaurant operator Ga Sai Tong Enterprise Limited (GST.US) increased the proposed 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, aiming to raise $18 million.

This represents a significant increase from its previous filing, which proposed an offering of 1.3 million shares while keeping the price range unchanged.

Calculated at the midpoint of the revised offering size, Ga Sai Tong's fundraising amount will be 131% higher than originally expected, resulting in a post-listing market capitalization of approximately $78 million.

Ga Sai Tong operates three Japanese dining concepts, with a brand portfolio that includes the yakitori restaurant Akai Honoo, the French-Japanese fusion restaurant Ankoma, and the Japanese cuisine restaurant Kuno, covering a spectrum from casual dining to high-end fine dining.

Founded in 2018, Ga Sai Tong plans to list on the Nasdaq stock market under the ticker symbol "GST," with Bancroft Capital acting as the sole book-running manager for the transaction.