SUPER Hi International, which operates the Chinese hotpot restaurant chain Haidilao in the overseas market, on Thursday (May 16) priced its initial public offering (IPO) in the United States at US$19.56 per share.
The Chinese restaurant brand raised US$52.7 million by selling nearly 2.7 American Depositary Shares (ADS).
The IPO price is at a discount of 9.9 per cent from the as-converted last close of Super Hi’s Hong Kong-listed shares, and gives the Singapore-based company a valuation of US$1.26 billion.
Haidilao, which started in a small town in Sichuan in 1994, has become one of the most popular Chinese cuisine brands in the world.
Super Hi, which operates mainly in South-east Asia and North America, plans to primarily use the proceeds from the offering to expand its restaurant network globally.
Super Hi, which commenced its operations outside Greater China in 2012 through its then-parent company Haidilao International, was spun off and listed as a public company at the end of 2022.
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The company operates 119 self-operated restaurants in 13 countries across four countries as at March end. It opened its first restaurant in Singapore in 2012.
Super Hi’s ADS will start trading on the Nasdaq on Friday under the ticker symbol “HDL”.
Morgan Stanley and Huatai Securities are the underwriters for the offering. REUTERS
