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Tencent-backed Miniso Group looks to raise up to $562.4 million in IPO

10/08/2020 | 05:40am EST
FILE PHOTO: A chain store of Chinese low-cost lifestyle and consumer product retailer

(This October 7 story corrects valuation figure to $5.71 billion, not $10.18 billion, in paragraph 3)

Retailer Miniso Group Holding Ltd, which is backed by Tencent Holdings Ltd, is looking to raise up to $562.4 million in its initial public offering in the U.S., a regulatory filing showed on Wednesday.

The China-based company said it would sell 30.4 million American Depositary Shares priced between $16.50 and $18.50 per ADS. Each ADS would represent four of Class A ordinary shares. (https://bit.ly/3d4LGS7)

At the top end of the range, Miniso would be valued at $5.71 billion.

Miniso's plans to go public come on the heels of numerous blockbuster IPOs this year, including those of Palantir Technologies and Snowflake in recent weeks.

A number of Chinese companies, which have debuted in U.S. stock markets this year, have also attracted strong investor interest. Earlier this year, SoftBank-backed KE Holdings, which owns real estate brokerage brand Lianjia and housing transactions platform Beike, sold over $2 billion worth of shares after its IPO was priced above range.

Companies have raised more than $100 billion in U.S. IPOs so far in 2020, comfortably outpacing a $62.5 billion haul for all of 2019, and on track to be the biggest year since 2000, according to data from Dealogic.

Entities affiliated with Tencent would own 4.8% of Miniso's stock after the offering, the filing showed.

Goldman Sachs and BofA Securities are the underwriters for the offering.

(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
PALANTIR TECHNOLOGIES INC. -1.99% 27.11 Delayed Quote.0.00%
SNOWFLAKE INC. -0.90% 325.84 Delayed Quote.0.00%
SOFTBANK GROUP CORP. 3.19% 7089 End-of-day quote.49.05%
TENCENT HOLDINGS LIMITED 2.27% 586 End-of-day quote.56.02%
THE GOLDMAN SACHS GROUP, INC. -2.05% 230.58 Delayed Quote.2.38%
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