Chinese tea chain Chagee looks to raise up to $411.2 million in its US initial public offering, with a target valuation of as much as $5.1 billion.
The Shanghai-based company is offering up to 14,683,991 American depositary shares at an indicative price range of $26 and $28 apiece, according to a filing with the Securities and Exchange Commission.
Chagee applied to list on the Nasdaq Global Select Market under the symbol CHA. It intends to use the proceeds for network expansion, brand building and marketing, investment in technology, product development, building overseas supply chain and for general corporate purposes.
Citigroup, Morgan Stanley, Deutsche Bank and CICC serve as lead underwriters for the offering.
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