Miniso, backed by Tencent, looks to raise about $560m in IPO
Retailer Miniso is looking to raise up to $562.4m in its initial public offering in the US, hot on the heels of numerous blockbuster listings this year
Bengaluru — Retailer Miniso Group Holding, which is backed by Tencent Holdings, is looking to raise up to $562.4m in its initial public offering (IPO) in the US, a regulatory filing showed on Wednesday.
The China-based company said it would sell 30.4-million American depositary shares (ADS) priced between $16.50 and $18.50 per ADS. Each ADS would represent four of the class A ordinary shares.
At the top end of the range, Miniso would be valued at $10.18bn.
Miniso’s plans to go public come on the heels of numerous blockbuster IPOs this year, including those of Palantir Technologies and Snowflake in recent weeks.
A number of Chinese companies, which have debuted in US stock markets this year, have also attracted strong investor interest. Earlier this year, SoftBank-backed KE Holdings, which owns real estate brokerage brand Lianjia and housing transactions platform Beike, sold over $2bn worth of shares after its IPO was priced above range.
Companies have raised more than $100bn in US IPOs so far in 2020, comfortably outpacing a $62.5bn haul for all of 2019, and on track to be the biggest year since 2000, according to data from Dealogic.
Entities affiliated with Tencent, in which Naspers has a 31.2% stake, would own 4.8% of Miniso’s stock after the offering, the filing showed.
Goldman Sachs and Bank of America Securities are the underwriters for the offering.
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