Dali Foods Group Co. is seeking to raise as much as $1.34 billion in a Hong Kong initial public offering.
The Chinese manufacturer and producer of snacks, including Daliyuan cakes and Copico brand potato chips, is offering 1.69 billion shares at 65 to 79 cents per share. Three cornerstone investors have agreed to buy about $305 million of stock in the offering.
Dali Foods, based in Hui’an in eastern China’s Fujian province, plans to price the share sale Nov. 13 and start trading Nov. 20.
China’s snack food market is expected to surge 72 percent from last year to about $94.5 billion in 2019, according to a forecast cited in the company’s stock exchange statement.
Dali Foods began exporting products to North America in the second quarter of 2015 and plans to expand sales in overseas markets such as Southeast Asia, reports Bloomberg. Full Story