LEGAL | Staff Reporter, Singapore

Hot pot chain Haidilao defies market slump after raising nearly US$1b in IPO

The firm sold around 8% of equity capital at $17.80 per share.

Reuters reports that Beijing-based hot pot chain Haidilao is said to have raised nearly US$1b ($7.84b) in an IPO priced at the top end of its marketed range in a move that bucks the declining trend in the local bourse which recently entered into bear territory.

The fast-growing eatery sold around 8% of its enlarged equity capital at $17.80 per share in its share sale that attracted investment house Hillhouse Capital Group and Morgan Stanley who earlier pledged to buy around US$375m worth of shares as cornerstone investors.

(Photo credit: Haildilao SG Facebook)

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