Kura Sushi USA (KRUS) - Get Report , a Japanese restaurant chain with 22 locations specializing in omakase served on a revolving sushi bar, was trading up by more than a quarter following its initial public offering.
The shares were recently trading up 28% at $17.92.
The IPO price was $14. Kura Sushi raised $40.6 million selling 2.9 million shares in the IPO late Wednesday. The projected range was $14 to $16.
In its IPO filing, Kura Sushi USA said it believed it had long-term potential for more than 290 U.S. restaurants.
Conveyor-belt use "allows us to minimize the number of servers in our restaurants," the company stated.
It also uses sushi robots and food-replenishment algorithms to reduce costs.
The Michelin dining guide says omakase is "a form of Japanese dining in which guests leave themselves in the hands of a chef and receive a meal which is seasonal, elegant, artistic and uses the finest ingredients available."
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