Discount snackfood retailer BestMart 360 plans to launch an IPO to fund expansion.

The five-year-old company has about 70 stores operating in Hong Kong selling imported goods including confectionery, snacks, noodles, cereals and wine, many exclusive to its network. It plans to open a further 72 within three years.

Besides high-street locations serving tourists and overseas foreign workers, attracted by sharp pricing and regular promotional items, BestMart 360 stores are trading in nine former Link REIT malls acquired by chairman and CEO Lin Tsz-fung in housing estates. One outlet is open at Hong Kong International Airport.

The company, which describes itself as a “leisure food retailer” posted sales of HK$1.08 billion in the year to March 31, which it says places it second in its market category, with a 20 per cent share.

Funds raised in the IPO would be used for store network expansion and marketing campaigns to build brand awareness.

BestMart 360 sources some 1900 SKUs from 495 overseas brands, mostly from Europe, the US, Japan, Korea and Southeast Asia.