Diners cook hotpot in a Haidilao restaurant in Hong Kong © Bloomberg

Haidilao Hotpot, the Chinese restaurant group, has priced shares at HK$17.80 ($2.28), the top end of their target range.

The company confirmed the pricing in a filing to the Hong Kong Stock Exchange on Monday, putting it on track to raise about HK$7.27bn ($931m) after expenses of roughly HK$287m, based on the HK$7.56bn valuation of its 424.5m shares. 

It said the retail portion of its offering - only about 38,000 shares - had been 5.56 times oversubscribed.

Haidilao claims to be the fastest-growing major Chinese cuisine brand globally, citing its 2016-2017 revenue growth rate of 36 per cent. The group owns 332 restaurants in China and has outlets in Singapore, South Korea, Japan and the US. The restaurant chain posted revenue of Rmb7.3bn ($1.1bn) in the six months to the end of June.

Shares in Haidilao are slated to begin trading on Wednesday in Hong Kong.

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