The company is offering 17.06 million shares at HK$202.50 apiece, with an option to increase the number of shares depending on demand.

Mixue Group, which operates China’s largest bubble-tea chain, is planning to raise HK$3.45 billion ($59.2 million) in an initial public offering in Hong Kong.

The company is offering 17.06 million shares at HK$202.50 apiece, with an option to increase the number of shares depending on demand, it said in a statement Friday. Trading is scheduled to begin March 3.

Mixue, whose franchise has more stores than Starbucks Corp. globally, follows smaller rivals Guming Holdings Ltd. and Sichuan Baicha Baidao Industrial Co. to come to market in the past year. 

Despite the initial hype over their shares, all of Mixue’s rivals have seen their shares fizzle amid fierce competition in the industry.

$Bank of America Corp(BAC-N)$., Goldman Sachs Group Inc. and UBS Group AG are leading the effort to arrange the sale.