Guming (HKG:1364) launched its initial public offering in Hong Kong Tuesday, seeking to raise up to HK$1.58 billion from the deal.
The bubble tea maker is offering up to 158,612,000 shares expected to be priced between HK$8.68 and HK$9.94 per share, according to a Tuesday filing with the Hong Kong Exchange.
Guming expects to determine the IPO price on Feb. 10 and disclose allocation results on Feb. 11. Shares will begin trading on the stock exchange on Feb. 12.
The beverage company intends to use the proceeds to boost its information technology team and digitalize operations, improve its supply chain, enhance branding efforts and product development, fund recruitment, enhance product development, and beef up working capital.
Guming attracted Tencent (HKG:0700)-owned Huang River Investment, GM Charm Yield (BVI), LVC, Long-Z Fund I, and Duckling Fund, as cornerstone investors.
Goldman Sachs (Asia), UBS AG Hong Kong, China International Capital Corp. Hong Kong Securities, The Hongkong and Shanghai Banking Corp., ABCI Capital, BOCI Asia, CMB International Capital, and Futu Securities International (Hong Kong), are the joint bookrunners and lead managers of the IPO.
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