Meet Noodles (02408) has initiated its IPO from November 27 to December 2, 2025, offering 97.3645 million H-shares globally, with 10% allocated to Hong Kong public offering and 90% to international offering. An additional 5% over-allotment option is included. The price range is set at HK$5.64–HK$7.04 per share, with a board lot size of 500 shares. Trading is expected to commence on the Hong Kong Stock Exchange at 9:00 AM on December 5, 2025 (Friday).
The company has entered into cornerstone investment agreements with HHLRA, Guotai Junan Securities, Junyi Hong Kong Fund, Shengying Investment, Zeta Fund, and Haidilao Singapore. These investors have agreed to subscribe to approximately $22 million worth of shares at the offer price, subject to certain conditions. Assuming an offer price of HK$6.34 per share and no exercise of the over-allotment option, the net proceeds from the global offering are estimated at HK$551.6 million.
Allocation of proceeds includes: - 60% for expanding the restaurant network, geographical coverage, and market penetration. - 10% for upgrading IT capabilities through technology and digital system enhancements across the restaurant network. - 10% for brand building and customer loyalty programs. - 10% for strategic investments in upstream food processing companies. - 10% for general corporate purposes and working capital.
Meet Noodles operates a chain of Chinese noodle restaurants in mainland China and Hong Kong. As of the latest practicable date, its network comprises 451 restaurants across 22 cities in mainland China and 14 in Hong Kong, with 115 new outlets in pre-opening preparation. Over half of its restaurants are located in Guangdong Province.
According to Frost & Sullivan, the company ranks as China’s fourth-largest Chinese noodle restaurant operator by 2024 gross merchandise value (GMV), holding a 0.5% market share. The Chinese noodle segment accounts for 29.8% of China’s fast-food market, which itself represents 17.6% of the broader catering industry. The fast-food sector is highly fragmented, with the top five players collectively holding just 3.0% market share by GMV in 2024. Meet Noodles ranks 13th in the overall Chinese fast-food market, with a 0.14% share.
Financially, the company’s revenue grew from RMB418 million in 2022 to RMB800.5 million in 2023 and further to RMB1.154 billion in 2024, achieving a 66.2% CAGR. Revenue for the six months ending June 30, 2025, rose 33.8% year-on-year to RMB703.2 million. Net profit increased 32.2% to RMB60.7 million in 2024 and surged 95.8% to RMB41.8 million in the first half of 2025.