Hotpot chain Haidilao raises nearly $1 billion
Chinese hotpot restaurant chain Haidilao has raised US$963 million towards its Hong Kong IPO.
The funds were raised after selling about eight per cent of its equity capital at $2.27 per share, resulting in a valuation of the firm at about $12 billion. Haidilao’s shares will be traded on the HKSE from September 26.
Investment firms Hillhouse Capital Group and Morgan Stanley have already expressed commitments to purchase a $375 million shareholding, while other major companies have also subscribed to the IPO with multi-million-dollar investments.
Haidilao’s IPO is the fifth largest in Hong Kong this year.
The restaurant brand, known for its spicy Sichuanese recipes, already has more than 300 restaurants across Mainland China and plans to diversify into the UK and Canada. It currently operates in South Korea, Japan, Singapore, and the US.