The Great Restaurant Development Holdings, which operates seven hotpot restaurants in Hong Kong, filed on Friday with the SEC to raise up to $10 million in an initial public offering.
The Hong Kong-based company plans to raise $10 million by offering 2 million shares (20% secondary) at a price range of $4 to $6. At the midpoint of the proposed range, The Great Restaurant Development Holdings would command a market value of $103 million.
The company operates a restaurant chain under the brand "The Great Restaurant," specializing in various types of "Specialty Chicken Hotpot." The company states it created the concept of Specialty Chicken Hotpot by combining a claypot dish and a self-serve hotpot. The Great Restaurant currently operates seven restaurants in various areas of Hong Kong.
The Great Restaurant Development Holdings was founded in 2011 and booked $19 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol HPOT. The company filed confidentially on September 15, 2023. Revere Securities is the sole bookrunner on the deal.
