MasterBeef Group Prices IPO at $4.00-$5.00 Per Share (MB)

MasterBeef Group (MB) is planning to raise $9 million in an initial public offering (IPO) on the week of March 31st, IPO Scoop reports. The company will be issuing 2,000,000 shares at a price of $4.00-$5.00 per share.

In the last twelve months, MasterBeef Group generated $66.8 million in revenue and $3.2 million in net income. The company has a market-cap of $76.5 million.

Dominari Securities and Revere Securities acted as the underwriters for the IPO.

MasterBeef Group provided the following description of their company for its IPO: “MasterBeef Group is the holding company that runs 12 Taiwanese hotpot and barbecue restaurants in Hong Kong. (Incorporated in the Cayman Islands) Our mission is to serve quality and value-for-money Taiwanese cuisine to our customers. We are a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue. As of the date of this prospectus, through our Hong Kong Operating Subsidiaries, we operate 12 restaurant outlets under our Master Beef and Anping Grill brands. Our Group’s revenue is primarily generated from the Hong Kong Operating Subsidiaries’ operation of our Master Beef and Anping Grill restaurant outlets in Hong Kong. According to the Frost & Sullivan Report, in 2023, our Master Beef brand ranked first among the specialty hotpot restaurant chain brands and Taiwanese hotpot restaurant chain brands in Hong Kong in terms of revenue, and our Group comprising our Master Beef and Anping Grill brands ranked first in the overall Taiwanese cuisine market in Hong Kong with a market share of approximately 9.7% in terms of revenue. Our Group’s history began in 2019 when our founders, namely Ms. Oi Wai Chau, Ms. Oi Yee Chau, Ms. Tsz Kiu So, Mr. Ka Chun Lam and Mr. Shing Yan Lee, identified the untapped potential of the mid-range Taiwanese hot pot market in the highly competitive dining scene of Hong Kong. They decided to capitalize on this opportunity by establishing a semi-self-service hotpot brand called “Master Beef Taiwanese Hotpot All You Can Eat” which focused on providing high-quality hotpot experiences with reasonable prices. The brand’s first restaurant was unveiled at King Wah Centre in Mong Kok in Kowloon, Hong Kong and quickly gained popularity which we believe was due to us providing authentic Taiwanese hotpot experience and excellent value for the money. We subsequently expanded during the COVID-19 pandemic period and established multiple brands, namely Anping Grill, Chubby Bento, Chubby Noodles and Bao Pot, diversifying its operations into Taiwanese grill, Taiwanese bento, Taiwanese noodles and Taiwanese stone pot. To streamline the corporate structure and recalibrate business strategies and resources, on May 14, 2024, the Group disposed of its operations in Chubby Bento, Chubby Noodles and Bao Pot to Galaxy Shine Company Limited and Thrivors Holdings Limited, our principal shareholders. Immediately prior to the disposal, we were operating three Chubby Bento outlets, two Chubby Noodles outlets and one Bao Pot outlet in Hong Kong. For the pro forma impact on our historical financial data, see “Unaudited Pro Forma Condensed Consolidated Financial Information”. Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2024.  (Note: Dominari Securities is the new lead joint book-runner, according to an F-1/A filing dated Jan. 22, 2025, and it will work with Revere Securities, initially named as the sole book-runner in MasterBeef’s previous SEC filings.) (Note: MasterBeef Group disclosed the terms for its IPO in an F-1/A filing dated Nov. 27, 2024: The company is offering 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million,  if the IPO is priced at the $4.50 mid-point of its range. Background: MasterBeef Group filed its F-1 on Nov. 12, 2024, without disclosing the terms, and indicated that it intends to raise up to about $8 million.)   “.

MasterBeef Group was founded in 2019 and has 329 employees. The company is located at Unit 1509-10, Tower 1, Ever Gain Plaza 88 Container Port Road Kwai Chung, New Territories, Hong Kong and can be reached via phone at +852 3953 9388 or on the web at https://masterbeef.hk/.