Chinese restaurant chain Haidilao Hotpot raised just short of $1 billion in its Hong Kong IPO on Tuesday, after pricing shares at the top end of its range.
Stock went on sale at HK$17.80 a piece, bringing in $963 million in raised funds and giving the company a valuation in the region of $12 billion, according to sources speaking to the Financial Times.
The listing offers some positivity for Chinese stocks going public in Hong Kong, which saw a summer of disappointing debuts by hopeful companies such as Xiaomi and China Tower.
According to the company, Haidilao is the fastest-growing major Chinese cuisine brand globally, posting 36% growth in the year 2016-2017. There are 332 restaurants across China, with smaller businesses in Singapore, South Korea, Japan, and the US.
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