Super Hi International, operator of the Chinese hotpot restaurant chain Haidilao outside China, is targeting a valuation of $1.38bn in its initial public offering (IPO) in the US, Reuters has reported.

The company, already listed in Hong Kong, is now pursuing a dual listing in New York to diversify its shareholder base and secure additional funds.

The Singapore-based restaurant operator is set to raise $57.5m by offering 2.7 million American depositary shares priced at $21.35 each.

The proceeds from the IPO are earmarked for the expansion of Super Hi’s restaurant network on a global scale.

In 2023, Super Hi reported revenue of $686.4m, a significant increase from $558.2m in the previous year.

It also saw a turnaround in profitability, posting a net profit of $25.3m compared to a loss of $41.3m in 2022.

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The company, which operates primarily in Southeast Asia and North America, experienced same-store sales growth of 8.8% in 2023.

Super Hi began its journey outside Greater China in 2012 under its then-parent company, Haidilao International.

It became an independent entity and went public in Hong Kong towards the end of 2022.

Since its first restaurant opening in Singapore in 2012, the brand has grown to 115 self-operated restaurants in 12 countries across four continents as of the end of 2023.

The company’s major shareholders are Zhang Yong, the billionaire founder of Haidilao, and his spouse Shu Ping, the chairman of Super Hi.

Together, they hold a controlling interest of more than 50% in the company.

Haidilao itself, which began in a small Sichuan town in 1994, has risen to become a popular Chinese cuisine brand.

Super Hi International is planning to list on the Nasdaq stock exchange under the ticker symbol HDL.

The IPO is being underwritten by financial giants Morgan Stanley and Huatai Securities.

In March 2024, Haidilao noted that it will launch a franchise model for Haidilao restaurants, marking a shift in its business strategy.  Historically Haidilao has grown its network under a self-operation model.