Bookbuilding for the IPO starts on Friday and the stock is due to begin trading on the Hong Kong Stock Exchange on Mar 3
CHINA’S largest bubble tea and drinks firm, Mixue Group, is seeking to raise HK$3.45 billion (S$592 million) in a Hong Kong initial public offering (IPO), according to a regulatory filing on Friday (Feb 21).
The company is selling 17.1 million shares at a fixed price of HK$202.5 each, the filings showed.
Bookbuilding for the IPO started on Friday and the stock is due to begin trading on the Hong Kong Stock Exchange on Mar 3.
Mixue had earlier planned to raise up to US$1 billion in its Hong Kong listing. However, the size of the share sale was scaled back as the company is currently not in desperate need of cash, Reuters previously reported, citing sources.
Mixue has about 45,000 stores in mainland China and 11 other countries, including Singapore, through a major franchise network, according to its filings.
It is best known for selling fruit and tea drinks, coffee and ice cream, typically for about as little as US$1, it said.
The company was started in 1997 in Zhengzhou – the capital of Henan province – by founder Zhang Hongchao, who began the business with a homemade shaved ice machine.
Mixue said it sold some 7.1 billion drinks in the nine months ended September last year. REUTERS
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