China’s largest bubble tea chain, Mixue, rises 17%, pushing market cap to HK$130B.

Shares of China’s largest bubble tea chain Mixue jumped more than 40% on its market debut on Monday after a heavily oversubscribed initial public offering.

Mixue, which is known for its milk tea, fruit drinks, ice cream and coffee, had offered 17.06 million shares in its IPO, raising a total of HK$3.45 billion.

The IPO has gained the support of five cornerstone investors, which include M&G Investments, HongShan Growth, Persistence Growth Limited, HHLR Fund and Meituan’s Long-Z Fund.

Shares of Mixue were highly sought after, with the Hong Kong offering over 5,200 times oversubscribed. The international offering was more than 35 times oversubscribed.