Chinese hot pot chain Haidilao seeks $963m in IPO in Hong Kong
China's Haidilao International seeks to raise $963m through an initial public offering (IPO) of 424.5 million shares at $1.88 to $2.27 a share. Hillhouse Capital, Morgan Stanley, Greenwoods Asset Management, Snow Lake Capital and Ward Ferry will buy a combined $375m of shares. Haidilao is a hot pot restaurant chain with over 300 outlets worldwide. Hot pot has the largest share of Chinese food styles by 2017 revenue at 13.7%, followed by Sichuan with 12.4% and Cantonese at 8.2%, the company said. Haidilao will use 60% of the proceeds to expand, 20% on new technology and 15% on loan repayments.
Haidilao International Holding Ltd., China’s biggest hot pot restaurant chain, is seeking to raise up to US$963 million in an initial public offering (IPO) in Hong Kong.