It is planning to float in July with a value of at least 585bn yen (£3.3bn).
The flotation should make founder Den Fujita one of the richest men in Japan. He still owns 50% of the business.
The flotation would be the first spin-off form a big fast food corporation.
Pre-tax profits fell 6.7% to 29bn yen (£165.5m) last year.