The Great Restaurant Development Holdings, which operates seven hotpot restaurants in Hong Kong, lowered the proposed deal size for its upcoming IPO on Monday.
The company now plans to raise $9 million by offering 1.9 million shares (20% secondary) at a price range of $4 to $6. The company had previously filed to offer 2 million shares (20% secondary) at the same range. At the midpoint, The Great Restaurant Development Holdings will raise 6% less in proceeds than previously anticipated.
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. Revere Securities is the sole bookrunner on the deal.
