With the name pronounced as “ME-schway,” the company's 45,000 stores can be found across Asia and Australia, according to a report by the Wall Street Journal.

Also Read: Urban Indians have to 'work till 75, can't retire': HR professional’s LinkedIn post sparks debate

Mixue sells ice cream and sugary drinks for under $1, its roly-poly mascot named Snow King looks like a love child of Frosty the Snowman and the Michelin Man, and its stores have a jingle set to the tune of “Oh! Susanna,” according to the report.

It is now looking to raise up to $510 million in an initial public offering (IPO) which would value it at about $10 billion. Its stock will also begin trading in Hong Kong.

One of the reasons for the chain more than doubling its locations in three years is that its low-budget menu resonates in China which at the moment is grappling with an economic slump.

Also Read: Turkish CEO fired, detained by police for saying Ramadan isn't on corporate holiday list: ‘Preventing freedom of belief’

Mixue was originally founded in 1997 by Zhang Hongchao in Henan, a Chinese heartland province. It started off selling shaved ice.

Its stores are now characterised by their bright red colour and being wedged next to phone-repair kiosks or dumpling shops.

Th menu includes the signature ice-cream cone, variations on bubble tea and a lemonade which made Mixue China’s largest buyer of lemons, according to the report.

Also Read: Ritesh Agarwal reveals he still cleans washrooms in his hotels: ‘Role-modelling’

Mixue also charges below-average franchising fees and generates most of its revenue by selling supplies to franchisees, according to the report.