Logos of Pho Ong Hung and Mon Hue, two popular restaurant chains operated by Huy Vietnam Group
A representative of Huy Vietnam Group, which operates popular restaurant chains in Ho Chi Minh City, said on Wednesday that it does not plan an initial public offering in Hong Kong next year as reported by international media.
The company, funded by US and Hong Kong private equities, made the statement soon after news website FinanceAsia reported that it will file an application with the Hong Kong Exchanges and Clearing for the listing this month.
Bankers familiar with the deal were quoted as saying that listing could raise up to $100 million to help the company expand its activities around the country.
However, the company's representative rejected the report as incorrect, saying that IPO has never been discussed.
Founded in 2007, Huy Vietnam has received three rounds of funding worth $65 million from foreign private equities, including US-owned Franklin Templeton and Fortress Capital. It is known for casual restaurant chains such as Mon Hue and Pho Ong Hung.