Cafe Deco Group, which operates restaurants and bakeries in Hong Kong and Australia, raised the proposed deal size for its upcoming IPO on Wednesday.
The Hong Kong, China-based company now plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. The company had previously filed to offer 1.8 million shares at a range of $6 to $8. At the midpoint of the revised deal size, Cafe Deco Group will raise 49% more in proceeds than previously anticipated and command a market cap of $144 million, a -5.8% change from the previous terms.
Cafe Deco is a food and beverage group that operates 45 restaurants across Hong Kong and Sydney, Australia, offering a range of casual dining concepts through both self-operated brands and licensed international brands such as Chatime and Duan Chun Zhen. Its business model is vertically integrated, encompassing a food processing division, Food Square, which serves about 400 foodservice outlets, and a bakery division, Baker & Patissier, which supplies roughly 350 outlets in Hong Kong and Macau.
Cafe Deco Group was founded in 1998 and plans to list on the NYSE American but has not yet chosen a symbol (RC Ticker: CFDE.RC). Kingswood Capital Markets is the sole bookrunner on the deal.
