March 20 (Bloomberg) -- Xiabuxiabu Catering Management, a Chinese operator of hotpot restaurants, plans to seek about $300 million from an initial public offering in Hong Kong, said two people with knowledge of the matter.
Bank of America Corp. and Credit Suisse Group AG are working on the share sale, said the people, who asked not to be identified because the information is private. The Beijing-based company aims to start the offering in the second quarter, they said.
Xiabuxiabu, founded in 1998, has almost 400 outlets across northern and eastern China, according to the company’s website.
Private-equity firm Actis LLP bought a majority stake in Xiabuxiabu for $50 million in November 2008. General Atlantic LLC, which manages about $20 billion of funds, said in December 2012 it acquired the stake from Actis for an undisclosed sum.
Company officials at Xiabuxiabu’s Beijing office were not immediately available to comment on the IPO plan.
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