Burger King's China franchisee mulls Hong Kong IPO: report
TAB Food Investments could seek a US$1bn valuation.
The franchisee of Burger King in China is reportedly weighing an initial public offering in Hong Kong.
Sources tell Bloomberg that Istanbul-based TAB Food Investments is considering a listing as soon as early next year and could seek a valuation of about $1 billion for the operations.
Whilst no precise fundraising targets have been made, TAB could reportedly raise at least US$200m from the share sale.
TAB Food is the biggest franchisee for the burger chain globally, managing close to 1,700 restaurants in both Turkey and China. In the latter, it runs more than 1,000 Burger King outlets.
The reported move comes after TAB Food signing an agreement with Popeyes to open more than 1,500 fried chicken restaurants in China for the chain over the next decade.
It is considered a direct competitor of Yum China, which manages Pizza Hut and KFC operations in the country as well as local restaurant chains.
“We always assess IPO possibilities,” TAB Food Chairman Erhan Kurdoglu said in a phone interview with Bloomberg. “However, there’s no concrete development on that front as of now.”
TAB Food previously mulled a listing in the U.S., but eventually decided to postpone the move.
