Chinese fast-food restaurant chain Zhou Hei Ya International launched a bigger-than-expected initial public offering this week, targeting HK$3.3 billion $427 million and a valuation premium to its industry peers.
Sources familiar with the situation said the company has pitched a deal of about $300 million during pre-deal investor education that commenced last week. This means that the company has ended up launching a deal that is over one-third larger than it previously targeted.
Zhou Hei Ya is also fairly aggressive on securing a high valuation. Indicative terms show that the 424 million-share deal is being offered at HK$5.8 to HK$7.8 per share, giving the...
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