CHAGEE aims to raise $411m US IPO
It has an expected price range of US$26 to US$28 per share.
Chinese tea brand CHAGEE is aiming to raise approximately $411m in an initial public offering (IPO), according to a recent filing with the US Securities and Exchange Commission (SEC).
The company plans to offer a total of 14.7 million American depository shares (ADSs), each representing one Class A ordinary share with a par value of US$0.0001 per share.
Leading the underwriting for the IPO are Citigroup Inc, Morgan Stanley, Deutsche Bank AG, and China International Capital Corp. These underwriters may also purchase up to 2.2 million Class A ordinary shares within 30 days to cover over-allotments, if any.
This marks the company's first public market offering of its ADSs, with an expected price range of US$26 to US$28 per share.
Additionally, four independent investors have indicated their non-binding interest in purchasing an aggregate of up to US$205m worth of the ADSs being offered at the IPO price and on the same terms as the other ADSs being offered.
These include up to $80m by one or more funds managed by affiliates of CDH Investment Management Company Limited, up to an aggregate of US$60m by investment funds and mandates managed or advised by RWC Asset Management LLP and RWC Asset Advisors (US) LLC, up to US$50m by Allianz Global Investors Asia Pacific Ltd. on behalf of the managed funds, and up to US$15m by ORIX Asia Asset Management Limited on behalf of the managed fund.
