China's No. 1 Hotpot Chain Said to Price $963 Million IPO at Top
China's No. 1 Hotpot Chain Said to Price $963 Million IPO at Top
(Bloomberg) -- Haidilao International Holding Ltd., China’s biggest hotpot restaurant chain, has raised $963 million after pricing its Hong Kong initial public offering at the top end of a marketed range, according to people with knowledge of the matter.
The Beijing-based company sold 424.5 million shares at HK$17.80 apiece, the people said, asking not to be identified because the information is private. The shares were offered at HK$14.80 to HK$17.80 each.
Haidilao’s restaurants are known for serving spicy broths and providing attentive customer service, which includes giving free manicures, shoulder massages and dance performances. The company aims to open 180 to 220 new restaurants this year in China and overseas markets with large Chinese communities, its prospectus shows.
A Hong Kong-based external representative for Haidilao declined to comment.
The company plans to begin trading Sept. 26, according to the prospectus. CMB International Capital Ltd. and Goldman Sachs Group Inc. are joint sponsors of the listing.
To contact the reporters on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net;Crystal Tse in Hong Kong at ctse44@bloomberg.net
To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Paul Panckhurst
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