Business Maverick

Tencent-Backed Retailer Miniso Raises $608 Million in US IPO

By Bloomberg 15 October 2020
Caption
Employees assist shoppers at the check-out counter during the opening of Miniso flagship store in New Delhi, India, on Friday, Aug. 18, 2017. The Japanese brand, established in 2013, has opened over 1000 stores in less than three years, according to the company’s website. Photographer: Udit Kulshrestha/Bloomberg

Miniso Group Holding Ltd., the Chinese budget household and consumer goods retailer, raised $608 million in a U.S. initial public offering priced above a marketed range.

The company on Wednesday sold 30.4 million American depositary shares for $20 each after marketing them for $16.50 to $18.50, according to terms of the deal obtained by Bloomberg News.

The company’s backers include Tencent Holdings Ltd., according to its filings with the U.S. Securities and Exchange Commission. Each depositary share will represent four ordinary shares.

The listing follows 33 others on U.S. exchanges this year by companies based in China and Hong Kong that raised a combined $9.74 billion, according to data compiled by Bloomberg. Despite the coronavirus pandemic, that’s more than double last year’s total of about $4 billion raised in 35 listings.

Read More: Investors Shrug Off U.S.-China Tensions With Miniso: ECM Watch

The offering is being led by Goldman Sachs Group Inc. and Bank of America Corp. The shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol MNSO.

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