Islamic Finance Halal Industry

QSR Brands seeks pitches for Malaysia IPO at $1.4 billion value

Published 16 Aug,2021 via Bloomberg Markets - QSR Brands (M) Holdings Bhd., which runs KFC and Pizza Hut restaurants in Southeast Asia, has asked banks to submit proposals for a potential Malaysia initial public offering, according to people familiar with the matter.

The Kuala Lumpur-based company, which is backed by private equity firm CVC Capital Partners, is considering reviving a share sale after an attempt in 2019, the people said. It is seeking a market valuation of 6 billion ringgit ($1.4 billion) in a deal, said the people, who asked not to be identified as the information is private.

The fast food operator is exploring an IPO after seeing strong demand for MR D.I.Y. Group (M) Bhd. and Ctos Digital Bhd.’s first-time share sales, according to one of the people. Malaysia has hosted about $411 million of IPOs so far this year, up from around $71 million for the same period in 2020, according to data compiled by Bloomberg.

QSR holds the sole right from Yum! Brands Inc. to operate KFC restaurants in Malaysia, Singapore, Cambodia and Brunei, as well as Pizza Hut restaurants in Malaysia and Singapore, according to its website. The company operates over 1,270 KFC and Pizza Hut outlets and also breeds chickens and produces sauces, branding itself as a “farm to fork” food operator.

Owners of QSR, which also include state-owned Johor Corp. and pension fund Employees Provident Fund, had considered selling their stakes in 2019 after the company shelved its $600 million IPO earlier that year, Bloomberg News had reported.

Deliberations are still early and QSR may opt not to proceed with the IPO, said the people. A representative for QSR declined to comment.

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Elffie Chew and Yantoultra Ngui