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Haitai Confectionery eyes IPO following honey chip craze

All News 17:10 January 20, 2016

SEOUL, Jan. 20 (Yonhap) -- Haitai Confectionery & Foods Co., South Korea's second-biggest confectionery, said Wednesday it is preparing for an initial public offering this year, taking advantage of the huge success of its honey-flavored potato chips.

Haitai said it has made deals with two local brokerage houses to list its shares on the Seoul bourse during the first half of this year.

Launched in August 2014, Honey Butter Chip created a craze in honey-flavored products among foodies, spurring many copycats by its rivals.

The firm has sought to float its shares for years but delayed the process amid an economic slowdown.

Monthly sales of honey butter chips were estimated to be about 7.5 billion (US$6.2 million). The production capacity is expected to double when the new production line is completed in April.

Its sales in the January-September period rose 18.8 percent on-year to 603.3 billion won and operating profits doubled to 45 billion won, its financial statements showed.


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