The Strategist

Tea shop operator Baicha Baidao is getting ready for the biggest IPO for Hong Kong in 2024

04/17/2024 - 08:16

South China Morning Post, citing documents on the exchange's website, reports that China's Sichuan Baicha Baidao Industrial—owner of the well-known ChaPanda tea shop chain—plans to begin an initial public offering (IPO) on the Hong Kong Stock Exchange for HK$2.5 billion ($330 million).

The offering might be the biggest made in Hong Kong in 2024.

Baicha Baidao plans to sell 147.7 million shares for HK$17.5 apiece with the extra placement option in mind.

The money raised will be put toward branding and promotional initiatives as well as commercial expansion in China.

Securities of Baicha Baidao will start trading on April 23.

The business was established in 2008 and now runs over 8,000 tea shops.

So far, the largest IPO of the year in Hong Kong was a $135.7 million offering of sensor systems supplier RoboSense Technology.


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