Miniso in the Norwood Mall, Johannesburg. Picture: ALON SKUY
Miniso in the Norwood Mall, Johannesburg. Picture: ALON SKUY

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. 

Reuters

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