QSR Brands Seeks Pitches for Malaysia IPO at $1.4bn Value

QSR Brands Holdings, which runs KFC and Pizza Hut restaurants in Southeast Asia, has asked banks to submit proposals for a potential Malaysia initial public offering.

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 $1.4bn 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, and Ctos Digital’s first-time share sales, according to one of the people. Malaysia has hosted about $411m of IPOs so far this year, up from around $71m for the same period in 2020, according to data compiled by Bloomberg.

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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 $600m IPO earlier that year, Bloomberg News had reported.

Source: Bloomberg Quint

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