Chinese bubble-tea giant Guming targets US$200 million in Hong Kong IPO
The company, which sells under the Good me brand, is offering 158.6 million shares in a price range of HK$8.68 to HK$9.94 each
Chinese bubble tea drinks company Guming Holdings aims to raise up to HK$1.58 billion (US$202 million) from a Hong Kong initial public offering (IPO), the first in the Year of the Snake.
Guming said in an exchange filing on Tuesday that it was offering 158.6 million shares in a price range of HK$8.68 to HK$9.94 each. The final price will be decided by Friday and the stock will debut on February 12.
The company, which sells under the Good me brand, was China’s largest mid-priced freshly made beverage seller by gross merchandise value (GMV) and store count in 2023. In the first nine months of 2024, GMV surged 20 per cent year on year to 16.6 billion yuan (US$2.3 billion), while its store network grew 8.6 per cent to 9,778.
Guming’s profit rose 11.8 per cent year on year to 1.1 billion yuan in the first nine months of last year, surpassing the full-year profit in 2023, according to its filing.
The IPO has attracted five cornerstone investors that have invested a total of US$71 million. Huang River Investment, a wholly owned subsidiary of Tencent Holdings, has invested US$25 million.