By Scott Murdoch
(Reuters) – China’s largest bubble tea and drinks firm, Mixue Group, is seeking to raise HK$3.45 billion ($443.66 million) in a Hong Kong initial public offering, according to a regulatory filing made on Friday.
The company is selling 17.1 million shares at a fixed price of HK$202.5 each, the filings showed.
Bookbuilding for the IPO starts on Friday and the stock is due to begin trading on the Hong Kong Stock Exchange on March 3.
Mixue had earlier planned to raise up to $1 billion in its Hong Kong IPO. However, the size of the share sale was scaled back as the company is not in desperate need of cash, Reuters previously reported, citing sources.
Mixue has 45,000 stores in mainland China and 11 other countries 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 $1, it said.
The company was started in 1997 in Zhengzhou by founder Zhang Hongchao, who began the business with a homemade shaved ice machine.
Mixue said it sold 7.1 billion drinks in the nine months ended September last year.
($1 = 7.7763 Hong Kong dollars)
(Reporting by Scott Murdoch in Sydney, additional reporting Roshan Thomas in Bengaluru; Editing by Alan Barona and Bill Berkrot)
Comments