Mixue Group is set to launch bookbuilding for its Hong Kong IPO by late February, with trading on the bourse targeted in early March, Reuters reported Tuesday, citing sources privy to the matter.
Sources said the Chinese bubble tea chain is aiming to raise about $500 million, scaling back from the initial target of $1 billion as the company is not in desperate need of cash, according to the report.
Mixue intends to use IPO proceeds to expand production and diversify its drink offerings, Reuters wrote.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.