IPO cooking for Fu Ji Food

Shanghai''s largest catering firm prepares to list in Hong Kong.

Shanghai-based Fu Ji Food and Catering Services, the Shanghai region's largest domestic catering services provider is hoping to raise up to HK$275 million $35.2 million from a Hong Kong IPO scheduled to price on December 10.

The CAF Securities and SBI E2 Capital-led deal comprises 100 million new shares and is being marketed on a 2005 PE ratio of 8.2 times and 10 times earnings fully diluted.

The main valuation benchmarks are said to be two international food services groups - UK listed Compass and Sodexho of France. The former is currently said to be trading on a historic PE of 27 times...

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