(Bloomberg) -- Domino’s Pizza Inc.’s master franchisee in China is weighing a Hong Kong initial public offering as soon as next year, according to people familiar with the matter.

A potential listing by Dash Brands Ltd. could raise about $100 million, said one of the people who asked not to be identified as the information is private. The company is also considering raising funds in a private pre-IPO round this year, a different person said. 

Domino’s has more than 400 stores in China, according to its website.

Deliberations are at an early stage and details such as timing and the fundraising amount could change, the people said. Representatives for Dash didn’t respond to requests for comment. 

China’s growing middle class and its increasing appetite for diverse cuisine has attracted fast food operators to the country. Dash Brands competes with Yum China Holdings Inc., which manages the operations of Pizza Hut and KFC in China, as well as TAB Food Investments, which runs Burger King outlets in the country. 

TFI is planning to list its Chinese and Turkish businesses in Istanbul as soon as this year, Bloomberg News reported last month.

Domino’s Pizza, based in Ann Arbor, Michigan, invested $40 million in Dash Brands last year, according to a statement, and the agreement required it to further plow an equal amount in the first quarter of 2021 if some performance goals were met. 


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