General Information

We believe we are one of the leading medical relaxation service providers in Japan. (Incorporated in the Cayman Islands)

While the medical and relaxation business is a fragmented market in Japan, there are five key companies in this industry, which are Medirom, Genki-Dou, HoneGori, K’s Group and our Company. These five entities, including our Company, operate their salons across Japan, with sales revenue typically ranging from US$10 million to $50 million.

There are 41 ZEROSPO® medical salons across Japan, consisting of 36 directly-operated salons and five franchised salons. Our core brand for the relaxation salons is Begins®. There are 10 relaxation salons. Our salons are generally located in malls with large shopping facilities and high-traffic streets. On average, our salons measure approximately 915 square feet and contain a reception area and treatment space. A typical salon is staffed by five therapists.


We believe that we are considered to be one of the key companies in this industry because we have been increasing our footprint and revenue comparable to our key competitors based on our belief as well as publicly available information regarding our key competitors1. In order to increase our footprint, we expanded our operations outside of the Tokyo metropolitan area into the central, northern, and western regions of Japan. The number of our salons in the non-Tokyo metropolitan area has grown to 12, accounting for almost one-third of our total salons. We utilize judo therapists and acupuncture and moxibustion therapists to treat our clients, who primarily consist of professional and non-professional athletes. Judo therapists are therapists that do not rely on surgery or administration of medicine, but instead give patients certain treatments of reduction and immobilization against physical injuries like fracture, dislocation, bruise, sprain, and contusion. As Judo therapists are focused on maximizing the healing capacity of the human body and are distinctly different from those who merely provide a relaxing massage and adjustments to mitigate chronic symptoms (e.g., to correct a pelvic/spinal tilt). Judo therapies have traditionally been developed to heal judo opponents called “活法”, which in English translates to “awakening and rebounding”. Moxibustion therapists are therapists that stimulate pressure points of the human body with acupuncture (stimulation therapy) and moxa (thermotherapy) in order to help patients enhance their natural curative power against disease. Stimulation therapy is the treatment method that uses, for instance, acupuncture to invigorate the human body by pressing acupuncture points. Thermotherapy is a treatment method that uses heat to improve blood flow and body immunity.

We have licensed therapists who are able to serve our customers with personalized treatment solutions under multiple brands. The Company has accumulated customer data across salons to provide more effective and bespoke treatment solutions for patients. ZEROSPO can deliver a full suite of varied service offerings across the organization, which cover health insurance treatment, traffic accident treatment, high-voltage treatment, EMS, manual treatment, acupuncture treatment, and relaxation treatment.

Our principal business is to own, develop, operate, manage, and support medical and relaxation salons through direct ownership of such salons throughout Japan. We seek to be the leading provider of medical relaxation services in the markets we serve and to become the most recognized brand in our industry through the steady and focused expansion of medical and relaxation salons in key markets throughout Japan and potentially abroad.

We operate two synergistic lines of business: (i) a medical salon and (ii) a relaxation salon. Each service is staffed by qualified judo therapists and acupuncturists. The main feature differentiating our medical and relaxation salons from others is that most of our employees are certified judo therapists and acupuncture and moxibustion therapists, both of which require three years of schooling to qualify, and only those who have passed the national exam, which has a 60% pass rate, are eligible for employment. Therefore, compared to general relaxation salons, our medical and relaxation salons are characterized by the provision of medical relaxation services by qualified professionals with advanced knowledge. We believe that, compared to general relaxation salons, there are more young people, especially athletes and people who play sports, who use this service to prevent accidents and relieve discomfort.

(Note: ZeroSpo filed terms for its IPO in an F-1/A dated May 24, 2023: The company will offer 3.75 million shares at $4.00 to $5.00 to raise $16.88 million. ZeroSpo filed its F-1 on May 1, 2023.The company submitted confidential documents to the SEC on Jan. 20, 2023.)

Industry: Services - Health Services
Employees: 346
Founded: 2001
Contact Information
Address Higashiooi Urbanheim, 3F 5-19-9, Higashiooi, Shinagawa, Tokyo, Japan Telephone: +81 90-2528-8139
Phone Number +81 90-2528-8139
Web Address
View Prospectus: ZeroSpo
Financial Information
Market Cap $61.88mil
Revenues $13.6 mil (last 12 months)
Net Income $0.22 mil (last 12 months)
IPO Profile
Symbol ZRSP
Exchange NASDAQ
Shares (millions): 3.8
Price range $4.00 - $5.00
Est. $ Volume $16.9 mil
Manager / Joint Managers Boustead Securities
Expected To Trade:
Status: TBA
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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