Haidilao restaurant operator Super Hi targets $1.87 billion valuation in US IPO
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Since opening its first restaurant in Singapore in 2012, Haidilao International has expanded to 115 restaurants in 12 countries at the end of 2023.
PHOTO: REUTERS
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Bengaluru – Super Hi International, which operates Chinese hotpot restaurant chain Haidilao in the international market, said on May 13 it was targeting a valuation of US$1.38 billion (S$1.87 billion) in its initial public offering (IPO) in the US.
The company, which has shares listed in Hong Kong, is pursuing a dual listing in New York as it seeks to broaden its shareholder base and raise additional capital.
Super Hi is looking to raise about US$57.5 million by offering nearly 2.7 million American Depositary Shares at US$21.35 apiece. The company will primarily use the IPO proceeds to expand its restaurant network globally.
Singapore-based Super Hi’s 2023 revenue stood at US$686.4 million, compared with US$558.2 million a year earlier, the company said. Net profit in the same period was US$25.3 million, versus a loss of US$41.3 million in 2022.
Super Hi, which commenced its restaurant business operations outside Greater China in 2012 through its then parent company Haidilao International, was spun-off and listed as a public company in Hong Kong at the end of 2022.
Since opening its first restaurant in Singapore in 2012, the Haidilao International brand has expanded to 115 self-operated restaurants in 12 countries across four continents at the end of 2023.
The company’s major shareholders include Mr Zhang Yong, the billionaire founder of Chinese hotpot chain Haidilao, and his spouse, Ms Shu Ping, the chairwoman of Super Hi.
Super Hi International plans to list on Nasdaq under the symbol HDL.
Morgan Stanley and Huatai Securities are the underwriters for the offering. REUTERS
