May 13 (Reuters) - Super Hi International ( SPHIF ),

which operates Chinese hotpot restaurant chain Haidilao ( HDALF ) outside

China, said on Monday it was targeting a valuation of $1.38

billion in its initial public offering in the United States.

The company, which has shares listed in Hong Kong, is

pursuing a dual listing in New York as it seeks to broaden its

shareholder base and raise additional capital.

Super Hi is looking to raise about $57.5 million by offering

nearly 2.7 million American Depositary Shares at $21.35 apiece.

The company will primarily use the IPO proceeds to expand its

restaurant network globally.

Singapore-based Super Hi's 2023 revenue stood at $686.4

million compared with $558.2 million a year earlier, the company

said. Net profit in the same period was $25.3 million versus a

loss of $41.3 million in 2022.

The company, which mainly operates in Southeast Asia and

North America, clocked same-store sales growth of 8.8% in 2023.

Super Hi, which commenced its restaurant business operations

outside Greater China in 2012 through its then-parent company

Haidilao International ( HDALF ), was spun-off and listed as a

public company in Hong Kong at the end of 2022.

Since opening its first restaurant in Singapore in 2012, the

Chinese cuisine restaurant brand has expanded to 115

self-operated restaurants in 12 countries across four continents

at the end of 2023.

The company's major shareholders include Yong Zhang, the

billionaire founder of Chinese hotpot chain Haidilao ( HDALF ) and his

spouse Ping Shu, the chairman of Super Hi. They own more than

50% of the shares in the firm.

Haidilao ( HDALF ), which started in a small town in Sichuan in 1994,

has become one of the most popular Chinese cuisine brands in the

world.

Super Hi International ( SPHIF ) plans to list on the Nasdaq under the

symbol "HDL".

Morgan Stanley and Huatai Securities are the underwriters

for the offering.