More than 10 years ago, legions of freshly minted working young men would line up for hours for a table at the Green Tea restaurant near the picturesque West Lake in Hangzhou to impress their girlfriends. The restaurant was a hot spot for such youth, attracted by its elegant and quaint decor mixed with traditional Chinese elements. It offered a wide variety of food at prices well within the budget of low- to middle-income lovebirds looking for a romantic date.

Now this popular restaurant’s owner, Green Tea Group Ltd., has its own date with investors as it heads towards an IPO. On March 7, it passed a listing hearing at the Hong Kong Stock Exchange to initiate the IPO process, and is very likely to become the first restaurant business to float in 2022 – no puns intended. Market sources said the company started its road show last week and will hold its IPO at the end of March or beginning of April with a goal of raising $150 million.

The chain’s founder, the husband-wife team of Wang Qinsong and Lu Changmei, started out running the Green Tea youth hostel near West Lake in 2004, targeting droves of backpackers from across China looking for affordable lodging and dining close to one of China’s most famous scenic spots. Heeding customer suggestions, the couple started to experiment with innovative cuisines and came up with trademark dishes like green tea roasted chicken, grilled shrimp and “bread temptation” among many dishes.