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.
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.