Investing.com - China’s hotpot-specialized company Haidilao International Holding Ltd. raised $963 million in its Hong Kong initial public offering (IPO), Reuters reported on Tuesday citing three people close to the deal.
Haidilao priced its shares at the indicated top range of HK$17.8 (US$2.27). Its shares are expected to begin trading on the Hong Kong stock exchange on Sep 26.
The company said last week that it was planning to raise $1 billion with the Hong Kong IPO with a price range of HK$14.8 to HK$17.8 per share. The hotpot chain planned to use the proceeds to fund its international expansion into oversea markets including the U.K. and Canada, according to reports. It currently has more than 300 restaurants across China and has operations in Japan, South Korea, the U.S. and Singapore.
Hotpots account for 22% of the dishes sold in restaurants in China, according to a report by Chinese restaurant review and food delivery giant Dianping-Meituan.
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