Manner Coffee considers launching Hong Kong IPO backed by ByteDance
Manner
Coffee, a Shanghai-based cafe chain, plans to quit its private status and launches
an initial public offering in Hong Kong that could raise at least $300 million
according to media reports from China.
Discussions
are reportedly only in the early stages, and timings and details of the share
sales are subject to change, the newswire said.
The
Chinese firm, which started up in 2015 as a roadside coffee stall, has been in
talks with investment banks to explore its floatation. In 2019, Manner started
expanding aggressively, opening more stores in Shanghai as well as in other
cities. Now the brand has 137 stores in Shanghai and 14 additional stores in
Beijing, Suzhou, Chengdu, and Shenzhen.
Manner
Coffee joins other Chinese beverage outlets weighing a market debut in Hong
Kong. Heytea has tapped UBS Group AG for a potential IPO in the city next year.
Milk-tea chains Gu Ming and Lelecha are also exploring separate IPOs after
bubble tea outlet Nayuki Holdings Ltd. raised $656 million in a June share
sale.
Backers
include TikTok owner ByteDance Ltd. and a venture arm of food delivery giant
Meituan.
The
IPO market continued to boom as the global economy recovered from the
coronavirus pandemic, with a total of more than 1,600 stock market listings so
far this year, raising over $330.7bn.
On
a regional level, Europe, the Middle East, India and Africa (EMEIA)
outperformed the Americas and Asia-Pacific (APAC), with a surge of almost 500
IPOs year-to-date.