Super Hi International Holding, which operates hot pot restaurants under the Haidilao brand in the international market, announced terms for its IPO on Monday.
The Singapore-based company plans to raise $57 million by offering 2.7 million ADSs at $21.35, the as-converted May 13 close of its shares on the Hong Kong Exchange (9658). At the proposed price, Super Hi International Holding would command a market value of $1.4 billion. The IPO float is just 4.2% of basic shares outstanding.
Spun out of Hong Kong-listed restaurant brand Haidilao at the end of 2022, Super Hi operates hot pot restaurants under its former parent's brand in the international market. Since opening its first restaurant in Singapore in 2012, Super Hi has expanded to 115 self-operated restaurants in 12 countries across four continents as of December 31, 2023.
Super Hi International Holding was founded in 1994 and booked $686 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol HDL. Morgan Stanley and Huatai Securities are the joint bookrunners on the deal. It is expected to price during the week of May 13, 2024.
