Dali Foods to raise $1.34b from public float in Hong Kong

Dali Foods Group Co Ltd, a Chinese mainland snack and beverage producer, is planning to raise HK$10.4 billion ($1.34 billion) through an initial public offering in Hong Kong on Nov 20.

The company, which sells "Daliyuan" cakes and "Copico" brand potato chips, is issuing 1.69 billion shares at HK$5 to HK$6.15 each. Following the IPO, its market value is expected to reach HK$84.2 billion.

Xu Shihui, founder and chairman of Dali Group, currently owns 85 percent of the shares in the company. The IPO is expected to boost his personal wealth to about HK$71.6 billion.