Pedestrians walk past a sign depicting Colonel Harland Sanders, the founder of Kentucky Fried Chicken, outside a Yum! Brands Inc. KFC restaurant in Shanghai, China.
Qilai Shen | Bloomberg | Getty Images
Yum China is set to raise $2.22 billion in its secondary Hong Kong listing after indicating that its shares would be priced at HK$412 each, according to two sources with direct knowledge of the matter.
The company had flagged it would sell 41.91 million shares in the deal and the price is a 4.8% discount to the stock’s Thursday closing price of $55.92 in the U.S.
The sources could not be named because the information had not yet been made public.
Yum China, which operates KFC, Taco Bell and Pizza Hut restaurants in China, declined to comment.
Yum China’s Hong Kong deal is the city’s third largest secondary listing in 2020.
The city’s largest IPO remains China Bohai Bank, which raised $2.05 billion in July.
Equity capital market activity in Hong Kong, including both IPO and secondary listings ahead of Yum, was worth $20.34 billion so far in 2020, according to Refinitiv data.
The value of deals in the city year-to-date compares to $10.83 billion for the same period last year, the data showed.