Chinese hotpot chain Haidilao seeks up to $700m HK IPO for global expansion

Sichuan Haidilao Catering, one of China’s most popular hotpot chains, is planning to raise $600 million to $700 million in a Hong Kong initial public offering in a push to take the brand global, said three people with knowledge of the transaction.

Haidilao, which mainly serves spicy Sichuan style hotpot and is popular for the free services and entertainment such as manicures and board games offered to waiting customers, has tapped Goldman Sachs and CMB International (CMBI) as joint sponsors for the proposed IPO, two of the people said. The IPO could come in the second half of the year, they said.