What’s going on here?
Super Hi International, the operator of Haidilao restaurants, priced its US IPO at $19.56 per share, raising $52.7 million.
What does this mean?
Super Hi International, spun off from Haidilao International, will start trading on the Nasdaq under the ticker ‘HDL’ this Friday. The firm sold almost 2.7 million American Depositary Shares (ADS) at a 9.9% discount to its Hong Kong-listed shares’ last close, valuing the Singapore-based company at $1.26 billion. The raised funds aim to boost its global restaurant expansion, mainly in Southeast Asia and North America, where it runs 119 restaurants across 13 cities. With Morgan Stanley and Huatai Securities underwriting, Super Hi’s strong brand roots in Sichuan, 1994, are poised to fuel its stock’s appeal.
Why should I care?
For markets: Going global with a local flavor.
Super Hi’s international strategy leverages its Haidilao brand in new markets. The IPO’s lower…
